PARLIAMENTARY WRITTEN QUESTION
Business: Finance (15 November 2022)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he will take to take to support remote rural businesses in 2023 to help assist those organisations with financial planning for 2024.

Asked by:
Esther McVey (Conservative)

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 for SMEs.

The Government is providing a range of support to help small and medium-sized businesses across the UK with rising costs, including those in rural communities. Government has cut fuel duty for 12 months, raised the Employment Allowance to £5,000, and is zero-rating VAT on energy-saving materials.

The ‘Help to Grow’ schemes help SME businesses learn new skills, reach more customers and boost profits. The Energy Bill Relief Scheme (EBRS) provides a price reduction to ensure that all businesses and other non-domestic customers are protected from high energy bills.

Furthermore, the British Business Bank’s Northern Powerhouse Investment Fund, Midlands Engine Investment Fund and Cornwall and Isles of Scilly Investment Fund all work with Local Enterprise Partnerships (LEPs), combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to provide a mixture of debt and equity capital to SMEs across their entire regions, including in rural locations.

Answered by:
Kevin Hollinrake (Conservative)
28 November 2022