On Small Business Saturday this 3rd December, Tower Hamlets Labour is calling on the Government to provide more support to small businesses across the borough in the face of the worst economic crisis in living memory.

Please sign our letter to the Chancellor of the Exchequer below.

 

Rt Hon. Jeremy Hunt MP

Chancellor of the Exchequer

 

Dear Chancellor,

We are writing today on behalf of the small businesses in Tower Hamlets regarding the support available for small businesses in the face of the energy bill crisis and the current economic turmoil.

As you will know, the huge increase in energy bills have had a devastating impact on small businesses across the UK, where many are now concerned that they will have to close due to the unreasonable costs. This has now been exacerbated by the rapid economic downturn which is causing small business owners significant hardship and an uncertain future.

Many small businesses owners across Tower Hamlets have spoken of the immense struggles they are facing due to the economic climate, which is of the same scale of the Covid-19 pandemic. The Council was there for small businesses there under Labour’s leadership, providing over £200 million in grants and business rate relief to over 5,000 local businesses, however more needs to be done at both a Local Authority level and a Government level to ensure this crisis is tackled and our small businesses get the support they deserve.

If our small businesses are not supported during this crucial time, then this will have a devastating impact on our residents. The local economy depends on our local businesses – jobs will be at risk if our small businesses close down, and residents who depend on their facilities for their day-to-day needs will be neglected.

While you did announce a support package for small businesses in your recent Autumn Statement, this does not go far enough for struggling small businesses across the UK who had hoped for more substantive cost relief.

We would be grateful if you would immediately implement measures to support small businesses in the face of this crisis by working with Local Authorities to issue a Business Rates rebate to small businesses to offset the cost of their energy bills and provide a national Small Business Hardship Fund to assist in these times of economic crisis.

We look forward to hearing from you.

Kind regards,

Small Business Saturday Letter

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