Shops
The question
To ask the Secretary of State for Business and Trade, what steps he is taking to help support small shops.
Answered by Gareth Thomas
Eligible retail, hospitality and leisure properties currently benefit from 75 per cent business rates relief, up to a cash cap of £110,000 per business for 2024-25. The small business multiplier is frozen at 49.9p for 2024/25, protecting over a million ratepayers from bill increases.
The British Business Bank supports SMEs to grow by improving their access to finance. The Growth Guarantee Scheme offers a 70% government guarantee on loans to SMEs of up to £2 million in Great Britain, and £1 million in Northern Ireland and is available until the end of March 2026.
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