Stephen Timms
Main Page: Stephen Timms (Labour - East Ham)Department Debates - View all Stephen Timms's debates with the HM Treasury
(8 months, 1 week ago)
Commons ChamberMy hon. Friend is a great advocate for small businesses. The Government recognise that accounting for VAT can be a burden on businesses, but that is why, at £85,000, the UK has a higher VAT registration threshold than any EU member state and the second highest in the OECD, keeping the majority of UK businesses out of VAT altogether. In the 2022 autumn statement, it was announced that the VAT threshold would be maintained at its current level until 31 March 2026. As always, the Government keep taxes under review.
I recognise the important role the household support fund has played. As my right hon. Friend the Chief Secretary to the Treasury said earlier, no decisions have been made about what will happen going forward. There were a lot of anti-poverty measures in the autumn statement, including increasing benefits next year by double the rate of inflation, increasing the full-time national living wage by £1,800 a year and increasing the local housing allowance, providing an average of an extra £800 to 1.6 million households.