Retail Trade: Urban Areas

Treasury written question – answered on 22nd March 2022.

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Photo of Stuart Anderson Stuart Anderson Conservative, Wolverhampton South West

To ask the Chancellor of the Exchequer, what fiscal steps he plans to take to (a) support the future of independent shops on high streets and (b) encourage more local businesses to set up high street stores.

Photo of Lucy Frazer Lucy Frazer The Financial Secretary to the Treasury

In July 2021, the Prime Minister launched a strategy for the high street to transform town centres into vibrant places to live, work, and visit, and confirmed 15 Town Deals worth £335 million to revitalise towns across England.

Alongside this funding, the Government is providing a new temporary relief worth almost £1.7 billion for eligible retail, hospitality, and leisure businesses, resulting in over 90 per cent of retail, hospitality, and leisure businesses receiving at least a 50 per cent reduction in their business rates bills in 2022-23, when taken together with Small Business Rates Relief.

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