TAUNTON Deane MP Rebecca Pow met business leaders in the county town to outline "the positive range of support measures" handed out by the Government.

Ms Pow heard of the challenges businesses are facing when she met members of the executive committee of Taunton Chamber of Commerce.

She said: “This was an informative and constructive meeting.

"I recognise the wide range of challenges they are facing and am pleased that Government has addressed many of these concerns through the recent Autumn Statement.

"The business rates measures are especially welcome in a total package of targeted support worth £13.6billion over the next five years.

"I will of course continue to feed in the views of local business in Westminster, but it is good news that this package of support has been broadly welcomed.”

Ms Pow said key measures to support businesses include:

  • From April 1, 2023, business rate bills in England will be updated to reflect changes in property values since the last revaluation in 2017.
  • Autumn Statement 2022 contained a package of targeted support worth £13.6billion over five years.
  • Freezing the business rates multiplier for another year to protect businesses from rising inflation, worth £9.3billion over five years.
  • An extended and increased relief for retail, hospitality and leisure businesses worth almost £2.1billion.
  • Reforming Transitional Relief, seeing lower bills for businesses.
  • The government also announced a £1.6billion scheme to cap bill increases for businesses which will see higher bills as a result of the revaluation.
  • Protection for small businesses who lose eligibility for either Small Business or Rural Rate Relief due to new property valuations through a more generous Supporting Small Business scheme worth over £500million.
  • This package means that the total increase in business rates bills will be less than one per cent compared to over 20 per cent without intervention.
  • The Energy Bill Relief Scheme will provide a discount on wholesale gas and electricity prices - the support will be equivalent to the Energy Price Guarantee put in place for households.
  • By January 2023, the Government will bring forward proposals to support energy bills beyond April 2023. Full details will be made available then, but I know that the Government will focus this support where it is needed most for energy intensive industries, small businesses, and the hospitality sector.