Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what assessment he has made of the potential impact of increasing the minimum wage on SMEs; and whether she plans to provide additional support to SMEs.

This Government remains committed to helping small businesses thrive and will be publishing our Small Business Strategy next year. This will set out our vision for all small businesses, from boosting scale-ups to growing the co-operative economy. It will address key policy areas such as creating thriving high streets, making it easier to access finance, opening overseas and domestic markets, building business capabilities, and providing a strong business environment.

We will publish an Impact Assessment alongside the legislation that implements the increase to the National Living Wage. We estimate that over 3 million workers will receive a pay rise due to the increase in the National Living Wage in April 2025.