Oral Answers to Questions

Debate between Rachel Reeves and Gill German

Tuesday 20th May 2025 Commons Chamber

[Gill German (Clwyd North) (Lab)]

14. What steps she is taking through the spending review to help increase levels of economic growth.

[The Chancellor of the Exchequer (Rachel Reeves)]

I know that my hon. Friend is working closely with the local Labour council in Southport to regenerate the local town centre, and we will make sure that this Government back him every step of the way.

--- Later in debate ---

[Rachel Reeves]

At the Budget, we more than doubled the employment allowance to £10,500 to take many small businesses out of paying national insurance altogether. On corporation tax, we have maintained the small profits rate to help smaller businesses, and to help entrepreneurs raise finance and grow, the Government have extended the enterprise investment scheme and the venture capital trust scheme. I very much add my words of support to businesses across Ilford, and I commend the work my hon. Friend does to champion them.

[Gill German]

Clwyd North is a proud coastal constituency, home to a dedicated hospitality sector with many small businesses, including the recently opened Bobcats Coffee, where young entrepreneur Bobby is an example to us all. Economic circumstances have been tough after a decade of neglect by the Tories. Will the Chancellor outline the Treasury’s plans to support the small businesses that are such a vital part of our local economy?

[Rachel Reeves]

From the next financial year, this Government will introduce permanently lower rates for high street, retail, hospitality and leisure properties with rateable values below £500,000, and we are doing that exactly to support the sort of businesses that my hon. Friend champions.