Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what fiscal steps she is taking to support small businesses in (a) South Shropshire and (b) other rural communities.

At Autumn Budget 2024, the Government announced tax reforms to support small businesses, including: more than doubling the employment allowance to £10,500; commitments in the Corporate Tax Roadmap to maintain the Small Profits Rate and marginal relief at their current rates and thresholds; and freezing the small businesses multiplier for 2025/26.

The Government also announced changes to inheritance tax, including reforms to business property relief (BPR). The Government has protected smaller family businesses from BPR changes, with the first £1 million of business assets continuing to receive 100% relief and then 50% thereafter.

The Government has committed £250m in 2025-26 for the British Business Bank’s small business loans programmes, including Start Up Loans and the Growth Guarantee Scheme.

We have extended funding for Growth Hubs across England in 2025-26. Businesses in your constituency can access the Shropshire Growth Hub for free advice, support, and signposting to other Government services.