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

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he will take to support businesses that have reported as being in significant financial distress.

The Government has reversed the National Insurance rise, which will save SMEs approximately £4,200 on average, cut fuel duty for 12 months and brought in the Energy Bill Relief Scheme, to protect small businesses from high energy costs over the winter.

Additionally, the Recovery Loan Scheme (RLS) is designed to help SMEs access finance they would otherwise not be able to access commercially. The current iteration of the scheme was launched on 1 August 2022 and supports finance up to £2 million per business group. RLS is available through 38 accredited lenders including banks, asset finance providers, regional and social lenders.