This weekend, we're celebrating Small Business Saturday. We are supporting small businesses to start and grow:
1. We are cutting business rates for small retailers by a third for two years – saving 90 per cent of all shops, pubs and restaurants up to £8,000. Our reforms and reductions to business rates since 2016 will be worth more than £12 billion over the next five years.We are providing a £31 million package of support for small businesses helping them to grow and reach their full potential.
2. We are creating a small business leadership academy, business mentoring and peer networks to unlock the potential of small and medium sized businesses.
3. We are tackling delays in payments to small business to build an environment in which businesses all over the country can thrive. We are consulting on unfair payment practices and how they impact on businesses, along with publishing what further steps the Government could take to tackle late payments.
4. We are doubling small business rate relief, taking around 600,000 small firms out of rates altogether.
5. We are keeping 3 million small businesses out of VAT altogether. We are maintaining one of the highest VAT thresholds in the world.
Small businesses are the backbone of our economy, responsible for nearly half of economic output and 60% of private sector employment, employing 16 million people in the UK.