Burnley’s MP Antony Higginbotham has welcomed the Conservative Government’s business rates package announced at the Autumn Statement for Growth, supporting businesses across Lancashire, including in Burnley and Padiham.
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 and estimated 119,000 businesses in the North West 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 26,099 businesses across the North West region.
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, Antony Higginbotham MP said:
Local businesses and the jobs they support are a lifeline to many people across Burnley and Padiham – they have grappled with global shocks such as the pandemic and the energy price spike. And we know they make our high street more diverse and vibrant. Whether that’s the traders on Standish and Curzon Street, in Burnley and Padiham town centres, our newer offerings, or larger hospitality businesses like Crow Wood. They all make a huge contribution to what makes Burnley great.
That is why I welcome the news the Conservative Government are offering over £4 billion in business rates relief – supporting thousands of businesses across our whole region and hundreds in Burnley and Padiham.
This will help businesses focus on their priorities, like expanding or employing new staff – helping to grow the economy – rather than worrying about the next rates bill they’re due to get from the council.
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.
