I appreciate your concerns regarding small businesses and increases to the NLW. However, it is only right that workers are fairly rewarded for their input into the economy. This will help us build a highly-skilled, high-productivity, high-wage economy.
The Government is continuing to support businesses with increasing costs. In light of inflationary pressures, especially with energy bills, the Government is supporting small businesses with the cost of their business rates through a £4.3 billion package. This support includes freezing the business rates multiplier for small businesses for a fourth consecutive year, saving an average shop £1,650, and extending the Retail, Hospitality and Leisure relief, benefitting 230,000 properties. I welcome that the Chancellor’s 2023 Autumn Statement includes the biggest business tax cut in modern British history.