Wednesday 8 March 2017

Business rates budget announcement of some relief says London Chamber of Commerce and Industry

Responding to the business rates announcements in today's budget, Chief Executive of London Chamber of Commerce and Industry, Colin Stanbridge said:

"The budget announcement on business rates is of some relief for London.

"Measures such as the monthly cap certainly help some smaller businesses which might otherwise have been forced to delay investment, recruitment or training plans.

"Moving forward, the Chancellor needs to ensure small and medium firms do not find themselves in such a worrying situation again.

"However - a fundamental review of the whole business rates system is long overdue, especially in today's digital age.

"An innovative measure could see a 'de-coupling' of London from the national valuation system - whereby an increase in London's rateable values would not inevitably lead to significant increases in business rates."

ENDS

Media contact
Katharine McGee
T: +44 (0)20 7203 1897
M: +44 (0)7827 241528
E: kmcgee@londonchamber.co.uk

NOTES TO EDITOR:

1. London Chamber of Commerce and Industry (LCCI) is the capital's largest and most representative business organisation, with members ranging in size from multi-national companies to SMEs and sole traders.