Written question asked by Lord Taylor of Warwick (Non-affiliated) on Monday, 19 December 2022, in the House of Lords. It was due for an answer on Thursday, 5 January 2023. It was answered by Lord Callanan (Conservative) on Wednesday, 4 January 2023 on behalf of the Department for Business, Energy and Industrial Strategy.
Business: Inflation and Interest Rates
- Question
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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.
- Answer
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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.
Secondary information
- Type
- Written question
- Reference
- HL4426
- Session
- 2022-23
- Related items
- Subjects
- Business Government assistance Interest rates Inflation
- Link
- View this Written question on www.parliament.uk
Librarians' tools
- Timestamp
- 2023-01-12 11:23:50 +0000
- URI
- http://data.parliament.uk/writtenparliamentaryquestion/lords/2022-23/HL4426
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