James Brokenshire has welcomed additional relief for small shops and high street businesses in the Chancellor’s Autumn Statement in advance of Small Business Saturday, tomorrow on 6 December.
James is encouraging people to ‘shop local’ this weekend to show support for local shops and businesses and the important services they provide to the local community as part of Small Business Saturday. Small businesses make up over 90% of all businesses in the UK and are playing a key part in our economic recovery.
In his Autumn Statement speech on Wednesday, the Chancellor announced a number of measures designed to support small firms. Importantly, the Chancellor has pledged extra help for the High Street by increasing the discount on business rates for smaller properties from £1,000 to £1,500, doubling Small Business Rate Relief for a further year, ensuring that 380,000 of the smallest businesses pay no rates at all and capping the annual increase in business rates at 2% until March 2016.
The Chancellor has also promised a landmark review into business rates to ensure that high street businesses can compete with their online rivals, who often do not have to pay business rates.
In addition, many businesses will benefit from the decision to cancel all National Insurance Contributions for apprentices under the age of 25, allowing more small businesses to consider taking on an apprentice.
Commenting earlier in the week, James said:
“Small Business Saturday is an important way of reminding ourselves of the importance of the small local firms that bring diversity and character to our high streets. With Christmas fast approaching, this Saturday is the perfect time to visit local shops in Sidcup, Bexley, Blackfen and Welling for gift ideas and to celebrate the important role small business plays in our community.”
“That’s why I welcome the additional boost to local firms the Chancellor’s statement provides. This Government is backing small businesses up and down the country by cutting red tape, bureaucracy and taxes, enabling them to prosper, create jobs and help our economy on the road to recovery as part of our long term economic plan.”