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Small Businesses

Part of Treasury – in the House of Commons on 11th February 2020.

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Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The UK’s 5.8 million small businesses play a vital role in our economy. We have lowered corporation tax from 28% in 2010 to 19%. We have introduced the employment allowance, to reduce employers’ national insurance contributions bill by £3,000 every year, and we have reduced the business rates burden, so that more than 675,000 of the smallest businesses pay no rates at all.