Oral Answers to Questions

Michael Wheeler Excerpts

Tuesday 21st January 2025 Commons Chamber

[Bobby Dean (Carshalton and Wallington) (LD)]

11. What steps she is taking through the tax system to support SMEs.

[Michael Wheeler (Worsley and Eccles) (Lab)]

12. What steps she is taking through the tax system to support the retail sector.

[Steve Darling (Torbay) (LD)]

22. What steps she is taking through the tax system to support the hospitality and tourism sectors.

--- Later in debate ---

[James Murray]

I think that retail, hospitality and leisure businesses, which are the backbone of our high street, might object to the idea of permanently lower tax rates as “tinkering around the edges”. That is a fundamental change that we want to bring in from April 2026 to make sure they have stability, certainty and permanently lower rates. Alongside it are our wider ambitions in the “Transforming Business Rates” discussion paper, which I invited the hon. Gentleman to read and respond to at last week’s Treasury Committee.

[Michael Wheeler]

I draw Members’ attention to my declaration in the register of interests.

Retail is an important part of the economy in my constituency, which includes many wonderful independent businesses. Will, who runs the excellent Wandering Palate in Monton, wrote to me about the challenges he is facing. Will the Minister outline the measures the Government are taking to support small business owners like Will in my constituency and across the country to enable our high streets to thrive?

[James Murray]

I thank my hon. Friend for his question and for referencing Wonderful Palate, the business in his constituency. I do not know the details of the rateable value of that property, but I point the owner to the fact that we are retaining small business rate relief, freezing the small business multiplier next year and extending the retail, hospitality and leisure relief in 2025-26. I also point the owner of that business and other businesses to our future plan, as I mentioned, to have permanently lower tax rates for retail, hospitality and leisure businesses with values of below £500,000, as well as to consider reforms to small business rate relief to better support businesses that want to expand into a second premises.