Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what fiscal steps his Department is taking to support small and medium size enterprises.

Over the past two years, the Government has taken unprecedented action to protect millions of businesses, including the Coronavirus Job Retention Scheme and Government-guaranteed loans.

We have brought forward a number of measures to support businesses this year, including extending the Recovery Loan Scheme until June 2024; freezing the business rates multiplier for 2022-23; cutting business rates by 50% for eligible retail, hospitality and leisure businesses in 2022-23 up to a cash cap of £110,000 per business; and permanently setting the Annual Investment Allowance at its highest ever level of £1 million from 1 April 2023, instead of reverting to £200,000 as previously planned.

The Government also increased the Employment Allowance from £4,000 to £5,000, which cuts the cost of employment for 495,000 small businesses.

Additionally, the Government is helping all eligible UK businesses, including small and medium sized businesses, with their energy bills through the Energy Bill Relief Scheme.

This builds on existing business support, including the Business Support Helpline which provides businesses with tools, resources and signposting to specialist organisations.