October 31, 2016
Business rates are set to increase significantly next year for all businesses in the capital, putting substantial pressure on many. The dramatic increase threatens the vibrancy of London as a commercial hub, with some businesses inevitably facing difficult decisions about staying in the capital in the face of escalating costs.
We have joined forces with 42 London bodies representing over 16,000 businesses and local government in a united and unprecedented response to the business rates revaluation and the impact on London businesses. Our open letter to the Communities Secretary Sajid Javid was published in the Standard last week signed by The Mayor of London, the London Boroughs, and 32 London BIDs. We are calling for more realistic transitional relief proposals and a full review of the rates system before the next revaluation.
The coverage in the Evening Standard can be found here:
The letter printed in the Standard can be found here:
Business Improvement Districts across London are working in partnership on this issue, lobbying the Government, not only on the transitional relief proposals, but also on the point of better devolution of business rates. In the coming weeks this will continue. There is a huge opportunity for London here – if the tax take for the capital is growing substantially then there is a greater argument for the city to retain more of that tax to be invested locally.
We will keep you up to date as our discussions with partners and decision makers continue, in the meantime, don’t hesitate to get in touch with the Northbank team if you would like to discuss this campaign further.