Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he has had discussions with businesses in Portsmouth South constituency on the potential impact of the cost of living crisis on those businesses.

The Government recognises the impact rising prices are having on businesses, including those in Portsmouth South, and is engaging with businesses across the UK to understand these challenges and explore ways to mitigate them.

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Businesses in Portsmouth South will have benefitted from the Government’s reversal of the National Insurance rise, saving SMEs £4,200 on average, cut to fuel duty for 12 months and the Energy Bill Relief Scheme, which is shielding businesses across the country from soaring energy prices, saving some around half of their wholesale energy costs.

In addition, at the Autumn Statement, my Rt Hon Friend Mr Chancellor of the Exchequer announced £13.6 billion of support for businesses over the next five years, reducing the burden of business rates for SMEs.