Insights 22/02/2017
Could MPs offer some relief to smaller businesses over rates?
The government is considering ways to mitigate impacts of rates to the business community. Could there be a light at the end of the tunnel for those under pressure to meet the rates levy?
This story follows the news that Chancellor Philip Hammond is prepared to adopt measures to assist businesses most affected by the hike. The Guardian reports that Sajid Javid, communities secretary is said to take action on alleviate the implementation of revised rates.
Beleaguered cabinet ministers are expected to take steps to ameliorate the impact on the companies hit hardest by a shake-up in business rates that has fuelled a backlash among Conservative MPs. Communities secretary Sajid Javid is likely to join the chancellor, Philip Hammond, in adopting a more empathetic tone about the anger triggered by the decision to revaluate the rates based on updated property prices. Small business owner Keith Bott argues: “We’ve seen a 25% increase in rateable values across the board,” he said. “The government needs to recognise and understand the issue. Pubs are responsible for 0.5% of turnover of the UK economy but pay 2.8% of business rates.”
https://www.theguardian.com/business/2017/feb/21/ministers-expected-to-take-steps-to-reduce-impact-of-business-rate-changes
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