Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the impact of increases in the cost of living on the numbers of (a) businesses at risk of insolvency and (b) people in debt in Mid Bedfordshire constituency; and what fiscal steps he is taking to support those (i) businesses and (ii) people.

The Government announced at Autumn Statement 2023 a business rates support package worth £4.3 billion over the next 5 years to support small businesses and the high street. The small multiplier will be frozen and Retail, Hospitality and Leisure (RHL) relief will be extended, which will ensure that the most vulnerable businesses continue to be supported.

The Government also announced further support to protect families: this brings total support over 2022/23 to 2024/25 to help households with the high cost of living to £104 billion – an average of £3,700 per UK household.

The Government continues to maintain record levels of funding for the Money and Pensions Service to provide debt advice in England, bringing their debt advice budget to £92.7 million in 2023/24. Data from 2021 on debt advice in Mid Bedfordshire is published by the Money and Pensions Service (MaPS). This can be found here:

https://moneyandpensionsservice.org.uk/2021/09/30/need-for-debt-advice-2021-estimates-for-uk-constituencies-and-local-authorities/