Tower Hamlets and Hackney Councils and the East End Trade Guild have joined forces in an attempt to stop the Government implementing increasing business rates that they will believe will force many independent businesses to close.
Mayor Biggs is asking all residents to sign the petition which asks the Prime Minister to ‘Protect independent businesses from rates hikes which will tear the heart from communities’.
The two key requests are:
- Further increase the rates relief for small businesses and introduce a new relief system for medium businesses.
- Devolve the operation and setting of London’s business rates to London’s government so they better suit the challenges of the Capital.
Paul Gardner, owner of Gardners’ Bags and founder of the East End Trades Guild has been informed that the rateable value of Paul’s business is rising from £18,000 to £40,500.
Stationery manufacturers Baddeley Brothers, which opened in the borough 157 years ago, has seen its rateable value rise from £60,000 to £156,000.
“Go black or go bust”
One Wapping businessman who spoke to LW on condition of anonymity said that the increased business rate would force him to choose between ‘going black’ (paying people and services in cash off the books) or going bust.
The increases are because the Government has revalued rates based on property prices and as prices have more than doubled in parts of London as a result many businesses now face closure just because of their post code.
To compound the problem many businesses which previously qualified for small business rates relief will no longer be eligible because their property value has risen so much.
Sign and save local businesses
So please sign the petition against crippling business rate rises to stop them disappearing from our communities.