Islington Labour backs calls for Government to freeze business rates hike
Islington Labour is supporting calls by local business groups for the Tory Government to freeze the implementation of higher business rates across the borough.
Business rates are set by national government and the valuations of all businesses in the country were recently reviewed. Many businesses in Islington, including small businesses, will see business rates bills increase significantly.
The average 45% increase in rateable values for Islington is the 3rd highest in England.
Islington Chamber of Commerce and Angel Business Improvement District (BID) have organised a petition calling on the government to -
- freeze the implementation of the new rates;
- extend support for businesses affected by higher business rates;
- give more help to small businesses by increasing the threshold for Small Business Rate Relief in inner London, funded by national Government.
Labour-run Islington Council is supporting the initiative.
Cllr Asima Shaikh, Executive Member for Economic Development, said –
“Islington is very lucky to have such diverse high streets and the impact on smaller firms from this increase will be severe. We’ve already seen rents go up significantly over recent years and I am worried that the hike in business rates will put more pressure on local shops to close or move elsewhere.
"Our local businesses provide jobs and vital services for local people, and we are deeply concerned about the impact the Tory Government’s hike in business rates will have.
“I’ve been working closely with businesses and business groups, and many people are really worried about what these massive increases in bills will mean for them.
“We are calling for the Government not to go ahead with these plans and the council is offering local companies advice on how they can manage the changes ahead.”
The petition can be found here and will be handed to the Government before the national budget is set on 8th March.