Islington businesses ask for rates hike to be delayed
Government should hold off from increasing business rates until after the UK has left the EU, Islington council says.
Islington business owners face the third-highest rate rises anywhere in the country, which could lead to some businesses having to close or move premises.
But now a petition has been launched by the Angel Business Improvement District and the Islington Chamber of Commerce, with support from Islington council, in an attempt to call a halt to the rate rises before they come into force in April this year.
The petition has been presented to the Treasury ahead of Chancellor Philip Hammond’s Spring Budget on 8th March.
If rate rises do go ahead, the petition asks for businesses especially affected by the higher rates to be provided with ‘transitional relief’ to help soften the blow.
Business rates are determined by the property’s rateable value. This is why businesses in London will be disproportionately affected by the rises, as property values have increased more in the capital than elsewhere in the UK.
According to Islington council, some local businesses may see rate increases of up to 45%.
High streets busy with small businesses is what communities thrive off, and the rate hikes could have a devastating impact on not just Islington’s high streets, but high streets across the capital.
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