UK Entrepreneurs
Debate between Lord Leong and Lord Sahota(2 weeks, 5 days ago)
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Lord Leong (Lab)
My Lords, most of the 95% of UK businesses, which employ something like 16 million people, will not be affected by any of the tax rises. I do not wish to remind noble Lords of the black hole we inherited, but we had to make difficult decisions to restore economic stability and fund our public services. We are doing the hard job early and fixing the foundations in one. After all the chopping, changing and chaos of the last few years, we now have a stable, pro-business, pro-worker Labour Government, offering certainty, consistency and confidence. That is what investors, businesses and entrepreneurs want.
Lord Sahota (Lab)
My Lords, in spite of Black Friday and the run-up to Christmas, many small high street businesses report low footfall and a concern about their continued viability. Many of those businesses will be looking forward to the Government’s business rate reform. Could the Minister outline what other steps will be taken to support Britain’s high streets and to safeguard their place at the heart of our communities?
Lord Leong (Lab)
My Lords, high streets are the beating heart of our communities, but for far too long, too many of them have been neglected and more and more empty lots are boarded up. We are giving local councils the tools to take back control, putting local communities first, re-energising town centres and driving local communities and opportunities. New measures were announced in the Budget to freeze the small business multiplier for most properties; to lower business rates for leisure, retail and hospitality; and to provide access to finance, committing some £250 million in 2025-26 for small business loans. Now shutters on our great British high streets will be lifted, delivering real action across the board.