Asked by: Baroness Maclean of Redditch (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the impact of the Budget 2025 on the number of businesses starting up in the UK.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The UK is a great place to start a business, with the third largest venture capital market after the US and China, generous tax reliefs for investors in early-stage companies and the lowest corporation tax rate in the G7. Over the last financial year, 800,000 new businesses incorporated.
In the Budget, the Chancellor built on these strengths by expanding our enterprise tax reliefs to incentivise investment in scaling firms and support them to attract top talent, by targeting British Business Bank investment towards these companies, and by committing to public procurement reforms to make the UK government a better customer to innovative businesses.
HM Treasury will continue to monitor the implementation of Budget measures and analyse their impact on the wider economy to inform future policy development.