Manufacturing Industries: Small Businesses
The question
To ask the Chancellor of the Exchequer, whether her Department has made an estimate of the number of UK-based (a) kitchen and (b) kitchen components manufacturers that have (i) entered administration and (ii) ceased trading since 1 January 2024.
Answered by Lucy Rigby
The Government has taken a number of measures to make the tax system competitive and give businesses, including those in the kitchen manufacturing sector, the stability and predictability they need to invest and grow.
In the Corporate Tax Roadmap, the Government committed to maintain the Small Profits Rate and marginal relief at their current rates and thresholds, as well as to maintain the £1 million Annual Investment Allowance. The Government also protected the smallest businesses from the impact of the increase to Employer National Insurance by more than doubling the Employment Allowance to £10,500.
The Department for Business and Trade recently published ‘Backing your business: our plan for small and medium-sized businesses’ which set out a long-term direction for the Government’s support for smaller firms. This went further than any previous government, introducing the most significant package of legislative reforms in 25 years to tackle late payments. The plan unlocks billions of pounds in finance to support businesses to invest, removes unnecessary red tape, and delivers growth-boosting support with a new Business Growth Service to unlock business potential.Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →