Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made with Cabinet colleagues of the potential impact of research and development tax reliefs on the expansion of small businesses.

The Government is committed to periodically evaluating the R&D reliefs to ensure they are as effective as possible and underpinned by a credible, up-to-date evidence base. It will be some time before the required outturn data is available to conduct an accurate review following the changes announced during the review of the R&D reliefs. The Government will continue to publish annual statistics on R&D claims by sector and company size on Gov.uk.

More broadly, the Government is committed to creating a positive environment for entrepreneurship and is working with leading entrepreneurs and venture capital firms on how policy supports that, including the role of existing tax schemes, as set out in the Autum Budget 2024.