The Institute of Directors has called on the government to offer a relief on rates for expanding businesses – in a bid to encourage entrepreneurism in growing companies.
The organisation has called on the chancellor to consider allowing businesses a “holiday” from paying business rates when they expand, refurbish or relocate. It says the move would help provide a “vital uplift” to the UK economy as it leaves the EU, by aiding development.
The campaign group also called for measures to support growing businesses outside London and the South East, as well as delivering more targeted assistance to help plan for financial life after Brexit.
Tej Parikh, chief economist at the IoD, commented: “Boosting investment in new and growing firms is key, as is ensuring they have the skills they need to thrive.”
“The other side of the coin for business is cost. Sky high business rates, hefty regulation, and the wider complexity of the tax system are some of the biggest thorns in the side of growing companies. Action from the Treasury to clear the path for businesses to grow will provide a vital uplift to the economy.”