Robert Largan MP has welcomed the Conservative Government’s business rates package announced at the Autumn Statement for Growth, supporting businesses across the East Midlands including in High Peak.

At the Autumn Statement 2023, the Conservative Government announced the freezing of the small business multiplier, which will protect over a million ratepayers from an increase in their business rates bills for a fourth consecutive year.

The Conservative Government is also extending the Retail, Hospitality and Leisure (RHL) relief, to protect small businesses, in our high streets and town centres, from unaffordable business rates bills.

Together, these measures represent a £4.3 billion support package. Freezing the business rates multiplier for small businesses for a fourth consecutive year, will save an average shop £1,650, with 69,300 businesses in the East Midlands benefitting.

Extending the Retail, Hospital and Leisure (RHL) relief will benefit 230,000 properties with almost £2.4 billion in support, protecting small businesses in our high streets and town centres. This measure will cut the cost of business rates for 14,845 businesses across the East Midlands.

Today’s package is part of the Conservative Government’s commitment to make the UK the best place to start and grow a business. This announcement comes at the same time as the Government announced full expensing will be made permanent, delivering a £11 billion tax cut for businesses.

Commenting, Robert Largan MP said:

Local businesses and the jobs they support are a lifeline to many people across High Peak – they have grappled with global shocks such as the pandemic and the energy price spike.

That is why I welcome the news the Conservative Government are offering over £4 billion in business rates relief – supporting thousands of businesses across the East Midlands and hundreds in High Peak.

This means businesses can focus on their priorities, like expanding their business or employing new staff – helping to grow the economy.

Commenting, Chancellor of the Exchequer Jeremy Hunt MP said:

With inflation falling, and global economic conditions stabilising, we are now able to turn our attention to the long-term decisions required to strengthen our economy and build a brighter future.

Our Autumn Statement for Growth takes those long-term decisions to reduce debt, cut tax, reward hard work and back British business right across the country.

By doing so we are making huge progress in tackling the long-term economic challenges facing the UK so we can build a more dynamic economy that delivers prosperity across our United Kingdom.