Damian will be supporting Small Business Saturday this Saturday 6th December in East Hampshire. Small Business Saturday is an independent, grassroots movement which encourages consumers to ‘shop local’ and support small businesses in their communities. As the Autumn Statement outlined this week, the importance of small businesses is being recognised by the government with the package of support they continue to offer.
The government will continue providing the Employment Allowance, which has cut the jobs tax of every business by up to £2,000. Moreover, the government will again extend the doubling of Small Business Rate Relief, which will benefit 82,000 small businesses in the South East – 51,000 of these businesses will pay no business rates at all. The government will continue to cap the inflation-linked increase of businesses at 2% and increase the R&D tax credit for small and medium-sized enterprises to 230%, the maximum allowed. Moreover, the £1,000 discount for shops and cafes on the high street will increase to £1,500, and the Funding for Lending scheme will be extended by another year - focusing it entirely on small businesses.
Damian said:
“The East Hampshire economy is all about small and medium businesses. Our retail sector is vibrant and varied, with great shopping in a range of settings including Lavant Street in Petersfield, Market Street in Alton, the Forest Shopping Centre in Bordon and hidden gems in Selborne, Grayshott and many other villages. They are complemented by great pubs and eateries.
“I am pleased with the announcements in the Autumn Statement concerning small businesses. 199,000 properties in the South East will benefit from the cap on business rates, with savings worth £15 million. I also welcome the news that there is to be a full review of the structure of business rates before Budget 2016.