Lucy Allan MP has welcomed the Chancellor’s Spring Statement and what it means for Small Businesses in Telford.
As the Government seeks to help mitigate the current rise in the cost of living, it is also crucial to give local businesses the support they need to grow. Small businesses are the backbone of the economy in Telford and across the UK and employ thousands of people in Telford. Business will drive economic recovery and Lucy has been a vocal advocate of lower
The Government will increase the employment allowance from £4000 to £5000. This will benefit 495,000 businesses across the UK, with 50,000 being taken out of paying National Insurance Contributions and the Health and Social Care Levy entirely.
Looking to the future, the Chancellor has also announced a reform of R&D tax credits to drive innovation, allowing businesses in Telford to claim relief on the storage of vital data and maths research from April next year.
Furthermore, green technology, including solar panels and heat pumps are exempt from business rates from April, a relief worth some £170 for small businesses looking to decarbonise their premises and save on energy bills over the next 5 years.
Lucy Allan MP said:
I am grateful that the Chancellor’s Spring Statement took note of the important role small business plays in growing our economy.
Telford has a long entrepreneurial heritage and our small businesses support livelihoods, the local economy, and drive growth and prosperity for everyone.
I regularly lobby the Chancellor for support for our small businesses and am particularly pleased to see that the Government has responded with a comprehensive and forward-thinking package of measures.
One of my main priorities in this parliament is to advocate local business and make the case for lower taxes, rates and duties on businesses and residents.
You can read more about what the Spring Statement means for businesses in Telford here.
