Shops: Closures

Treasury written question – answered am ar 23 Mai 2024.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Gen Kitchen Gen Kitchen Llafur, Wellingborough

To ask the Chancellor of the Exchequer, how many high street businesses in (a) Wellingborough constituency, (b) Northamptonshire and (c) England have closed in each of the last five years; and what plans he has for business rates in the next five years.

Photo of Gareth Davies Gareth Davies The Exchequer Secretary

Detailed information on the closure of high street business is not held in the form requested. Statistics on company insolvency is available here:

https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemography/2022

The government is aware that the high street faces long-term challenges and is committed to supporting the businesses that make our high streets and town centres successful.

At Autumn Statement 2023, the government announced a package of business rates support worth £4.3 billion over the next five years to support small businesses and the high street, including extending the Retail, Hospitality and Leisure (RHL) relief scheme at 75 per cent, up to a cash cap of £110,000 per business for 2024-25.

This support builds on the previous temporary 75 per cent RHL and 50 per cent RHL scheme announced at Autumn Budget 2022 and Autumn Statement 2021 respectively, as well as the unprecedented £16 billion of business rates relief provided to the retail, hospitality and leisure sectors throughout the pandemic.

Any future decisions regarding the tax system will be taken in line with the normal Budget process.

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