Freeze the Government’s Business Rates Rise!0
Huge Government increases in business rates bills for Islington businesses could see small and medium sized businesses forced to close or move out of the borough.
The Government needs to freeze the implementation of the business rates rise.
The Government has revalued the rateable value of businesses in Islington, which will see massive increases in business rates bills for local companies.
The Government’s increase in rateable values for business premises in Islington is the 3rd highest in England at approximately 45%.
As business representatives and the local council, we are deeply concerned about the Government’s revaluation of rateable values and the impact increases in business rates will have on local businesses, especially small and medium sized companies.
The Government’s increase in business rates could force businesses out of the borough and prevent new businesses from starting up.
The Government needs to look again at the impact the revaluation will have on businesses in Islington.
- Freeze the implementation of the business rates revaluation until after Britain leaves the European Union, to provide protection for businesses that will be impacted by the uncertainty of Brexit.
- Extend transitional reliefs for businesses affected by higher business rates.
- Give help to small businesses by increasing the threshold for Small Business Rate Relief in inner London, funded by national Government.