Business: Closures

Department for Business, Energy and Industrial Strategy written question – answered on 20th January 2022.

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Photo of Seema Malhotra Seema Malhotra Shadow Minister (Business, Energy and Industrial Strategy)

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to reduce the number of business deaths.

Photo of Paul Scully Paul Scully Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy), Minister of State (London)

In a dynamic and competitive economy, a proportion of businesses will cease trading each year for a range of reasons.

Since the start of Covid, business deaths have averaged around 490,000 per year over 2020/21 down from a yearly average of 500,000 in the period 2016-19.

This Government has provided unprecedented support to businesses in the form of grants, the furlough scheme, and the Covid loan schemes, which provided a lifeline to 1.6 million businesses across the UK – facilitating nearly £80 billion of finance to help them survive the pandemic.

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