Small Businesses: Finance
The question
To ask the Secretary of State for Business and Trade, what steps are being considered to reduce financial burdens on small and independent high street businesses.
Answered by Gareth Thomas
This government is committed to creating a fairer business rates system for small businesses on the high street. From 2026-27, we will introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties with rateable values of less than £500,000.
We recognise that businesses will need support during this period of transition. RHL relief will be extended for one year at 40% and the small business multiplier will be frozen for one year. This package is worth over £1.5 billion in 2025-26 and is aimed at supporting the most vulnerable businesses.
Our new Business Growth Service will make it easier for businesses across the UK to get the help, support and advice they need. It will bring together existing offers including Business Support Service and the network of local Growth Hubs across England. Our forthcoming Small Business Strategy will set out how we intend to further support small businesses on the high street and beyond.
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