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

To ask His Majesty's Government what steps they are taking to support companies facing financial pressures due to the impact of inflation and interest rate increases.

The Government recognises the impact rising prices are having on businesses.

Businesses will have benefitted from the Government’s reversal of the National Insurance rise, saving businesses on average £4,200, cut fuel duty for 12 months and the Energy Bill Relief Scheme, to protect businesses from high energy costs over the winter. The Employment Allowance was increased to £5,000 from April and we have continued to provide business rate relief worth over £7bn, freezing the business rates multiplier for a further year.

In addition, at the Autumn Statement, my Rt Hon Friend Mr Chancellor of the Exchequer announced £13.6 billion of support for businesses over the next five years, reducing the burden of business rates.