Can London’s Small Businesses Weather the Storm of Business Rates Increases?

London’s small businesses are expected to receive special bail-out fund to help weather the storm of business rates increases, but is it enough?

London busy high street

On Monday 6th March, The London Evening Standard announced plans for special bail-out fund for the capital’s small businesses, which are set to be among the hardest hit in April’s business rates revaluation. “Traditional retailers and firms facing crippling increases of 50 per cent or more are expected to be favoured in funds totalling ‘hundreds of millions’ of pounds” the front-page article reported.

For London’s small businesses, the overdue 2017 rates revaluation threatens to increase business rates by an estimated £7.5 billion.…

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What Impact Will Mayor Khan Have on London’s Business Rates?

Two months after he was voted in as the Labour Party’s candidate for Mayor of London, Sadiq Khan tweeted about his intentions regarding the capital’s impossibly high business rates:

Sadiq Khan tweet

Sadiq Khan set out his stall on London’s businesses early, and his pledge to be “the most pro-business Mayor London has ever had” was a cornerstone of his campaign. He spoke out about business rates and stated that, as “small businesses are the lifeblood of London’s economy…it is vital that control of business rates is devolved…in such a way that it doesn’t simply result in more cuts for London [over other parts of the UK].”

Khan’s nearest rival, Conservative MP Zac Goldsmith, also made reducing business rates a part of his “blueprint for London business.” However, many in the press chose to back the Labour candidate for his views towards SMEs, with CityAM calling Khan a genuinely pro-business candidate.”

Not even a fortnight into his mayoralty, however, and Khan is already facing pressure from the Federation of Small Businesses.…

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