Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking through the tax system to support small businesses in (a) Newcastle-under-Lyme and (b) Staffordshire.

Small businesses are vital to high streets, local communities, and economic growth. At Autumn Budget 2024, the Government recognised this by:

• More than doubling the Employment Allowance to £10,500. This means more than half of businesses with NICs liabilities will either gain or see no change this year.

• Maintaining the Small Profits Rate and marginal relief at their current rates and thresholds, as well as maintaining the £1 million Annual Investment Allowance; and

• Freezing the small business multiplier for 2025/26, meaning that, taken together with Small Business Rate Relief (SBRR), over a million properties are protected from inflationary bill increases.