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1714633
registered interest false more like this
date less than 2024-04-29more like thismore than 2024-04-29
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Companies: Insolvency more like this
house id 2 more like this
legislature
25277
pref label House of Lords remove filter
question text To ask His Majesty's Government, following the recent decline in corporate insolvencies, what steps they are taking to (1) identify the factors they believe contributed to this reduction, and (2) ensure this trend continues. more like this
tabling member printed
Lord Taylor of Warwick more like this
uin HL4182 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2024-05-13more like thismore than 2024-05-13
answer text <p>The Government was pleased to see that statistics reported by the Insolvency Service showed the number of corporate insolvencies in March 2024 had fallen by 28% compared to March 2023.</p><p>The Government continues to help businesses, including through a swathe of policy measures in the Autumn explicitly aimed at ‘Backing British business’. Recent and current Government policies supporting businesses include:</p><p>· Energy Bills Discount Scheme that provided discounts on high energy bills to eligible businesses and other non-domestic energy users from April 2023 to April 2024, with higher support to businesses in energy / trade intensive sectors.</p><p>· Continued frozen small business rates multiplier and business rates relief for the Retail, Hospitality and Leisure sector, the latter policy supporting around 230,000 properties up to £110,000 per business. Transitional Relief to protect ratepayers facing bill increases due to rising rateable value and scrapping ‘downwards caps’.</p><p>· Payment and cashflow review outlining measures to combat late payments that can jeopardise stable cashflows, and penalising late paying firms by exempting those paying invoices after an average of 55 days from bidding for Government contracts worth over £5mn.</p><p>The Government will continue to monitor the UK corporate sector, including insolvency trends, using official data and engaging with firms and business groups to inform policy decisions.</p>
answering member printed Baroness Vere of Norbiton more like this
question first answered
remove filter
answering member
4580
label Biography information for Baroness Vere of Norbiton more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick remove filter