Retail Trade and Small Businesses: Disposable Income

(asked on 25th March 2022) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the impact of real household disposable incomes per person will fall by 2.2 per cent in 2022-23 on (a) small businesses and (b) high streets.


Answered by
Paul Scully Portrait
Paul Scully
This question was answered on 30th March 2022

The Government is providing a range of support to help with the cost of living. As announced on 23 March, the Government is cutting fuel duty for 12 months, raising the Employment Allowance to £5,000, doubling the Household Support Fund with an extra £500m, zero-rating VAT on energy-saving materials, and equalising National Insurance and Income Tax starting thresholds from July 2022 so people will be able to earn £12,570 a year without paying any Income Tax or National Insurance.

This builds on existing support, including business rates relief worth £7 billion over five years and the package of support announced on 3 February to help households with rising energy bills worth £9.1 billion in 2022-23.

The Government’s Plan for Jobs is also helping people into work and giving them the skills they need to progress – the best approach to managing the cost of living in the long term.

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