Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, if she will make an assessment of the potential impact of the increase of the Bank of England base rate to five per cent on high street businesses.

Government recognises the pressures faced by businesses because of increased rates, which is why the Autumn Statement 2022 announced a package of changes to business rates worth £13.6bn over the next 5 years in lower bills. This includes a freeze to the multiplier, scrapping the downward revaluation cap and extending and increasing the generosity of the Retail, Hospitality and Leisure Relief from 50% to 75% in 2023-24.

This is in addition to the Energy Bills Discount Scheme; the increased Employment Allowance of £5,000 and setting the Annual Investment Allowance at £1 million permanently. This is a comprehensive package of support that will help protect high street businesses.