Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what fiscal steps she plans to take to support small businesses in market towns.

Small businesses are vital to high streets and communities, and essential to the success of the government’s growth mission.

At the 2024 Autumn Budget, Government announced generous tax reforms to support small businesses. Most notably, more than doubling the employment allowance to £10,500; commitments in the Corporate Tax Roadmap to maintain the Small Profits Rate and marginal relief at their current rates and thresholds; and freezing the small businesses multiplier for 2025/26.

The Government also announced changes to inheritance tax, including reforms to business property relief (BPR). The Government has protected smaller family businesses from BPR changes, providing a very significant level of relief with the first £1 million of business assets continuing to receive 100% relief and then 50% thereafter.

The Government has also committed £250m in 2025-26 for the British Business Bank’s small business loans programmes, including Start Up Loans and the Growth Guarantee Scheme.

We have also extended funding for Growth Hubs across England in 2025-26, meaning businesses in market towns can access free expert advice and support.