Budget 2018: rates relief for small retailers and high streets funding

  • By Gemma Kappala-R...

Further reaction from London Councils to announcements in the Autumn Budget 2018.

Small business retail relief:

Cllr Clare Coghill, London Councils’ Executive member for Business, Europe and Good Growth, said:

“Reducing business rates for small businesses by one third over the next two years will be welcomed by eligible businesses across the capital, but this short term measure is yet another sign that that the business rates system is not working.

“It is clear that reform is urgently needed. London government is currently piloting 100% business rates retention and it is our long term ambition to fully devolve business rates to the capital.

“We believe locally accountable politicians should be responsible for setting the tax and distributing it within the capital. This means listening closely to the views of London businesses to jointly design a new system.”

£675 million co-funding to revitalise high streets:

Cllr Clare Coghill, London Councils’ Executive member for Business, Europe and Good Growth, said:

“High streets and town centres are an integral part of London’s economy. Almost half of all businesses outside central London are on a high street and 1.45 million employees work on or within 200 metres of a high street.

“Worryingly, London’s high streets are facing significant challenges such as the rise of online shopping, increases in business rates due to the revaluation process and the pressure to convert office and retail space into housing, which is much more valuable in London.

“The new £675 million fund for revitalising high streets will be welcomed by London boroughs who already work with local high street businesses across the capital to ensure they continue to thrive.”

ENDS