My final pledge at the election was to boost community ownership so that the people of Oldham West, Chadderton & Royton have a real stake in our community. A backbone of this is through the hub of small businesses we have. There are 730 small businesses based in Oldham, making up 9.8% of total businesses, which is 1% higher the national average.
I, therefore, support the steps taken in the budget to protect small businesses from the raise in employer national insurance. Next year no small business will pay national insurance, and 1 million businesses will pay the same or less national insurance going forward.
The Government is also bringing forward a Small Business Strategy Command Paper to provide further support. This will also hopefully include plans on growing the co-operative economy to support inclusive businesses focused on people from the community working together and supporting each other.
The budget has also pledged to make business rates fairer to protect the high street through permanently lower tax rates for retail, hospitality, and leisure (RHL) properties. Alongside this there will be a 40% relief next year for RHL properties up to a cash cap of £110,000 per business. This will help us to rejuvenate our high streets and put properties back in the hands of co-operators from our community.
Community ownership matters. It dictates what our community looks like, and who has a say over what happens here. I welcome the budget’s support to small businesses as it will promote people from Oldham West, Chadderton & Royton being able to grow their ambition and shape the place we live.
Jim McMahon OBE MP 