Retail Trade: Inflation

Department for Business and Trade written question – answered at on 13 December 2023.

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Photo of Lord Taylor of Warwick Lord Taylor of Warwick Non-affiliated

To ask His Majesty's Government what steps they are taking to support retailers in continuing the downward path of inflation.

Photo of Lord Offord of Garvel Lord Offord of Garvel The Parliamentary Under-Secretary of State for Scotland, Parliamentary Under Secretary of State (Department for Business and Trade)

In his Autumn Statement, the Chancellor announced a business rates support package worth £4.3 billion over the next five years to support small businesses and the high street.  The small business multiplier will be frozen for a fourth consecutive year, and Retail, Hospitality and Leisure relief will be extended, ensuring the most vulnerable businesses continue to be supported.

HM Treasury estimates also suggest that making full expensing permanent will benefit the retail sector by around £1 billion per year.

Government is committed to using our post-Brexit freedoms to help businesses expand, create more jobs and grow the UK economy. We have already secured trade deals with 73 countries, plus the EU, that accounted for £1.1 trillion of UK bilateral trade last year. We are focused on priority trade barriers, which could boost UK exports by around £20 billion over five years.

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