My hon. Friend raises an important point, which I will come to shortly. He is right to say that we should intervene only where there is an exceptional circumstance, such as covid or a cost of living crisis, or where there is market failure, which is where we want to focus. For example, with SMEs working in the hospitality and house building industries, which he and my right hon. Friend the Member for Great Yarmouth both referred to, we know there is market failure and a need for them to access finance. We need to focus on those areas and ensure those sectors are provided with finance, when they cannot get it elsewhere.
The Government provide extensive business support, which is another key focus area, including through the business support helpline, the Help To Grow management scheme and a network of 38 growth hubs across the UK. The Help To Grow management scheme was launched in June 2021, to help close the productivity gap and lay the foundations for growth by providing SMEs with key skills in financial management, marketing and innovation. Our evaluation showed that approximately 90% of SME leaders surveyed reported that the scheme helped and Help To Grow management contributed to improved leadership and management of their business. I encourage my right hon. Friend, and all Members of the House, to share information about the scheme with local SMEs that could benefit from the opportunities it offers.
We know that businesses have emerged from the covid-19 pandemic, only to be faced with rising costs and dampened demand. In the autumn statement, we announced £13.6 billion of support for businesses over the next five years, including through reducing the burden of business rates for SMEs by freezing the business rates multiplier for yet another year, to protect businesses from rising inflation.
Over the winter, the Government intervened in the energy crisis by providing unprecedented support, in the form of the energy bill relief scheme and, more recently, the energy ill discount scheme.
The Government are freezing fuel duty, maintaining the 5p cut for a further year, and reversing the national insurance rise, which will save small businesses an average of approximately £4,200. That is in addition to the support previously announced in the form of an increase in the employment allowance to £5,000, the introduction of a zero rate of VAT on energy-saving materials, and the exemption of small businesses and microbusinesses from regulations where possible. That was raised by my right hon. Friend in his speech. These interventions show that the Government are on the side of small businesses, and understand the unprecedented difficulties that many have faced.
The last key focus is on removing barriers and cutting red tape. We are doing that through many mechanisms, such as improving the processes for public procurement, trade deals with Australia and New Zealand, and the comprehensive and progressive agreement for trans-Pacific partnership. The working time directive recording requirements will potentially save businesses more than £1 billion a year. Landmark legislation in the form of the Digital Markets, Competition and Consumers Bill will make it easier for SMEs to access digital marketplaces.
The Government acknowledge that one of the significant barriers faced by SMEs across the country is late payments. We are determined to see those reduced to ensure that SMEs are given the best chance of succeeding and growing. That is why we are conducting a review of business-to-business payment policy, the prompt payment and cash flow review, which is scrutinising existing payment practices and measures. We need a stronger culture of responsibility in large businesses to support the smaller suppliers on which they rely. The Small Business Commissioner addresses small businesses’ complaints about payments and the payment practices reporting duty creates transparency by requiring large companies to report on their payment times, while the prompt payment code sets standards and best practice in payment culture.
We are making substantial investments in Great Yarmouth to help the area to thrive and succeed. The borough secured a £20.1 million towns deal in 2021 to help level up the town. One of the fantastic projects supported by this intervention is the operations and maintenance campus for the energy sector. The town has also secured £13.8 million of future high street funding to help revive the town centre as a vibrant economic, cultural and community hub. That will help the town centre to develop sustainably into the future, supporting footfall, further regeneration and investment.
Great Yarmouth bid successfully in the second round of the levelling-up fund, and the Great Yarmouth riverside gateway project received £20 million to regenerate the railway station and the North Quay area of the town. We recently agreed a landmark devolution deal with Norfolk County Council, which will bring a wide range of benefits to residents and businesses in Great Yarmouth. It includes a £600 million investment for a further 30 years, equating to £20 million per annum, and Norfolk County Council can borrow against that further funding. The Norfolk broadband programme was awarded £5 million through the local growth fund to extend superfast broadband in the county, and it is estimated that that will lead to a £2 billion growth in the local economy and the creation of 1,500 jobs within 15 years.
The Government recognise that this is a challenging time for all businesses and we have provided unprecedented levels of support to help businesses and workers through these difficult times. However, data for Great Yarmouth show a 4% positive difference between the birth and death rates of businesses in Great Yarmouth in 2021, an encouraging sign that businesses are flourishing in the local area and that the local Member of Parliament is being highly effective. Furthermore, 667 Great Yarmouth businesses have been supported by their local growth hub and other partners, and there are 3,585 SMEs in Great Yarmouth in total. Over the last six months, there has been a sharp rise in job postings—vacancies, in other words—in Great Yarmouth, from 1,004 job postings in November 2022 to 2,229 in May 2023. That is a 122% rise. These are the highest vacancy volumes since October 2012 and they illustrate the health of the Great Yarmouth economy and the excellent work and representation by its local Member of Parliament.
Question put and agreed to.
7.39 pm
House adjourned.