Kevin Brennan – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Kevin Brennan on 2016-05-18.

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effects of the level of business rates on capital investment in the UK steel industry.

Mr David Gauke

The government concluded the Business Rates Review at Budget 2016. The government consulted with stakeholders, including the steel industry.

From April 2020, business rates for all businesses, including the steel industry, will be cut through a switch in the indexation of business rates from RPI to the main measure of inflation currently CPI.

The government has worked hard to deliver on the steel industry’s key asks. We (a) secured state aid approval to compensate for energy costs, (b) secured flexibility over EU emissions regulations, (c) published guidance so that the true value of UK steel can be taken into account in major procurement decisions, and (d) continue to tackle unfair trading practices at an EU and an international level