The Conservative party has pledged that if it is re-elected next month, there will be a significant cut business rates in support of Britain’s high streets.
After a three year campaign, the move has been welcomed by the British Independent Retail Association (Bira).
Andrew Goodacre, ceo of Bira said: “The proposed 50 per cent reduction in business rates is a crucial and significant support for the high street and for small independent retail businesses. The average business rates for small independents are around £24,000 so the proposed reduction of 50 per cent is in line with our own proposal given to the Government.”
Andrew continued: “While we wholeheartedly support the proposal and believe it will make the difference between survival or closure for small retailers, what we really need for long term survival is the fundamental review of rates that has now been announced. It is in line with the findings of the Treasury Select Committee’s report on business rates that plainly said that the business rates system is broken. We look forward to working with the Government to ensure that a new system is effective and is implemented quickly for the benefit of business.”
Leader of the Liberal Democrat party, Jo Swinson, has said that the party would scrap business rates and replace them with a levy on landlords.
Top: Boris Johnson has pledged to cut business rates if the Conservative party is re-elected.
