This afternoon, Hornchurch & Upminster MP, Julia Lopez hosted a drop-in event with the Havering Chamber of Commerce and Industry (HCCI) to speak with local businesses on the issues of importance to them.

Following from Small Business Saturday over the weekend, the event was a welcome opportunity for Mrs Lopez to catch-up with local traders to recognise their enormous contribution to the local economy and to discuss any potential challenges and opportunities coming down the track.

Small and medium size businesses make up 99.99% of the 5.6 million businesses across the UK. Together, they employ almost 17 million people and contribute £2.4 trillion to the economy. Recognising this enormous contribution to the vibrancy of the UK economy and our high streets, in the recent Autumn Statement the Conservative Government announced a comprehensive business rates support package worth £4.3 billion.

Freezing the business rates multiplier for small businesses for a fourth consecutive year, will save an average shop £1,650, with 82,230 businesses in London benefitting.  Extending the Retail, Hospital and Leisure (RHL) relief will benefit 230,000 properties with almost £2.4 billion in support, protecting small businesses in our high streets and town centres. This measure will cut the cost of business rates for 49,852 London businesses.

This support is on top of the Government’s decision to keep the Corporation Tax for small businesses at one of the lowest rates in Europe at just 19%.

Julia Lopez, Member of Parliament for Hornchurch & Upminster, said:

“It was great to catch-up with Janet Smyth, Chair of HCCI, and local businesses in the constituency to hear from them on both the challenges and opportunities the local business community are facing.

Small businesses are the driving engine of our economy and are at the heart of our communities, providing vital services and jobs to local people. It is therefore of the utmost importance that Government and small business are pulling in the same direction and that we are providing the context for British businesses to succeed.

As we have emerged from coronavirus and grappled with global inflation, these last few years have been difficult for businesses and communities alike. Having now met our target to cut inflation, the Chancellor has quite rightly taken a range of steps to support businesses and support growth.  It was good to hear from those at the coal face of our economy where that support has been helpful and where the pressures they face remain most acute.

I shall be reflecting the feedback to ministerial colleagues and, where appropriate, the Council.”