Oral Answers to Questions

Virendra Sharma Excerpts

Tuesday 2nd November 2021 Commons Chamber

The Chancellor of the Exchequer was asked—

[Mr Virendra Sharma (Ealing, Southall) (Lab)]

1. What fiscal steps he is taking to support businesses.

[James Sunderland (Bracknell) (Con)]

5. What fiscal steps his Department is taking to encourage business investment.

[The Chancellor of the Exchequer (Rishi Sunak)]

Last week’s Budget set out an ambitious package to support business, enterprise and innovation: the super-deduction, new relief to incentivise investment, a reduction in business rates and investment in infrastructure, innovation and skills to drive future growth. This was a Budget that backed businesses across the United Kingdom.

[Mr Sharma]

Business rates are broken. Business owners on Boston Road and The Broadway in Southall in my constituency do not want hypocritical answers. They want the system fixed to support smaller businesses and help them to thrive. What will the Chancellor do to help them?

[Rishi Sunak]

Last week’s Budget set out a £1.7 billion tax cut for many small and medium-sized businesses across the UK. It will mean that retail, hospitality and leisure businesses will see a 50% discount in their business rates next year, up to the value of £110,000 each. That will, of course, benefit many of the shops in Southall that the hon. Gentleman mentioned, and hopefully I can do my bit by visiting to buy my Diwali mithai later this week.