MP Welcomes Boost For Local Businesses
Mary Macleod says rates discounts will help growth
Local MP Mary Macleod MP, who has been leading a campaign to support small businesses, has welcomed new measures that will boost jobs and growth in Chiswick, Brentford, Isleworth, Osterley and Hounslow.
The package in the Chancellor's Autumn Statement includes a business rate discount of up to £1,000 for retail premises, including shops, cafes, pubs and restaurants, as help for the high street. This comes as Small Business Saturday is set to mount its high-profile campaign to pursuade people to shop locally.
Mary commented:“I wanted the Government to listen to calls from local businesses and traders on business rates and they have. This week I met with the Prime Minister to put the case for a full business rates review as well as a cap on business rate increases.”
Measures announced include: A 2 per cent cap on everyone’s business rate increases; £1,000 off business rate bills for all retail premises with a rateable value up to £50,000 for 2014/15 and 2015/16. This includes shops, cafes, pubs and restaurants.
Also included is a new reoccupation relief, which will halve the rates bills of businesses taking over premises empty for over a year and the doubling of Small Business Rate Relief is being extended to April 2015 and expanded.
Mary added: “This help for the high street is so critical if we want them to survive and thrive. 7,000 businesses in the Hounslow Borough will benefit from the overall package of support – especially the shops, pubs, and cafes on our high streets. High street businesses are an important part of local life. This Government is backing local businesses all the way. Small Business Saturday this weekend is just one way that we are supporting local businesses. I hope you can join me to ‘Shop Local’ on Small Business Saturday.”
Measures announced in the Autumn Statement by the Chancellor include;
£1,000 business rates discount for retail properties over the next two years. Retail and food and drink premises with a rateable value up to £50,000 will receive a £1,000 discount to business rates from 2014/15 to 2015/16 (HM Treasury, Autumn Statement 2013, 5 December 2013).
A 2 per cent cap on the rise in business rates. The rise in business rates for 2014/15 will be capped at 2 per cent. Businesses were expecting a 3.2 per cent increase (HM Treasury, Autumn Statement 2013, 5 December 2013).
Business rates reoccupation relief for businesses moving into empty retail premises. From April 2014 businesses moving into premises which have been empty for a year or more will receive a 50 per cent relief on business rates for 18 months (HM Treasury, Autumn Statement 2013, 5 December 2013).
Extended the doubling of Small Business Rate Relief and expanded it. This has been doubled for a further year from April 2014 (HM Treasury, Autumn Statement 2013, 5 December 2013).
December 6, 2013