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London retailers rally against business rates

London retailers and business organisations have joined forces with mayor Sadiq Khan to voice their opposition to the business rates system.

Bond Street

Bond Street

Bond Street

A group of 43 organisations, including the Federation of Small Businesses London and New West End Company, have teamed up with the mayor and lobbying organisation London Councils to call for a full review of the effectiveness of the business rates system.

The group is calling for a more realistic transitional relief proposals following the revaluation of rateable values, which will see the values in some districts in London jump by as much as 400%.

London’s businesses will have to pay £885m more in total annually due to the revaluation, according to estimates.

Deputy mayor for business, Rajesh Agrawal, said: “Our businesses are fundamental to the capital’s thriving economy, but with the uncertainty being created by Brexit, the last thing they need now is a hike in business rates on the scale the Government is proposing from next April.

“It is clear that we need far stronger transitional arrangements to soften the immediate impact and give businesses in the capital chance to plan ahead. We also need greater devolution over London’s business rates including local control over future revaluations, so we can invest more in supporting jobs and growth in London, which in turn stimulates the UK economy as a whole.”

 

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