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<p>Over the past two years, the Government has taken unprecedented action to protect
millions of businesses, including the Coronavirus Job Retention Scheme and Government-guaranteed
loans.</p><p> </p><p>We have brought forward a number of measures to support businesses
this year, including extending the Recovery Loan Scheme until June 2024; freezing
the business rates multiplier for 2022-23; cutting business rates by 50% for eligible
retail, hospitality and leisure businesses in 2022-23, up to a cash cap of £110,000
per business; and permanently setting the Annual Investment Allowance at its highest
ever level of £1 million from 1 April 2023, instead of reverting to £200,000 as previously
planned.</p><p> </p><p>The Government also increased the Employment Allowance from
£4,000 to £5,000, which cut the cost of employment for 495,000 small businesses, and
is reversing the National Insurance rise, which from next year will save small businesses
£4,200 on average.</p><p> </p><p>Additionally, the Government is helping all eligible
UK businesses, including small and medium sized businesses, with their energy bills
through the Energy Bill Relief Scheme.</p><p> </p><p>Businesses in Coventry North
East and Coventry can also call the Business Support Helpline or contact the Coventry
and Warwickshire Growth Hub for free one-to-one support and advice.</p><p> </p>
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