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PARLIAMENTARY WRITTEN QUESTION
Small Businesses: Government Assistance (22 June 2023)

Question Asked

To ask the Chancellor of the Exchequer, what support his Department is providing to small and medium-sized enterprises to help with costs in the context of the rate of inflation.

Asked by:
Christine Jardine (Liberal Democrat)

Answer

The Government recognises the challenges facing businesses and that is why we have made it a priority to halve inflation this year, on the path back to the target of 2%.

We have taken several steps to support small and medium sized enterprises (SMEs), including a substantial package of business rates support worth £13.6bn over the next five years; additional tax relief at a higher rate of 14.5% for R&D intensive SMEs; and the Small Profits Rate will mean 70% of businesses will see no increase in Corporation Tax this year.

The supply side policies announced at Spring Budget – such as action on childcare support – will also provide a boost to growth without fuelling inflation and ease the pressures faced by SMEs by delivering the workforce they need to succeed.


Answered by:
Gareth Davies (Conservative)
29 June 2023

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