Small Businesses: Labour Migration
The question
To ask the Chancellor of the Exchequer, if she will make an estimate of the number of SME owners that have left the UK since 5 July 2024.
Answered by James Murray
Business Population Estimates show trends in the number of businesses in the UK by size, alongside sectoral and regional distribution: https://www.gov.uk/government/statistics/business-population-estimates-2024/business-population-estimates-for-the-uk-and-regions-2024-statistical-release.
The ONS also publishes data on business demography, showing the annual change in the number of UK businesses (“birth” and “death” rates): https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemography/latest.
At Autum Budget 2024, the Government announced generous tax reforms to support small businesses including: more than doubling the employment allowance to £10,500; commitments in the Corporate Tax Roadmap to maintain the Small Profits Rate and marginal relief at their current rates and thresholds; and freezing the small businesses multiplier for 2025/26.
The Government has also committed £250m in 25-26 for the British Business Bank’s small business loans programmes, including Start Up Loans and the Growth Guarantee Scheme.
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