On 28 September in conjunction with the Federation of Small Businesses (FSB) and the London Economic Action Partnership (LEAP) we launched The Business Rates Revaluation in London report in Canteen one of our BID members on Belvedere Road.
Rajesh Agrawal, the deputy mayor for business addressed an audience of small business owners alongside Dominic Laker from Canteen, Sue Terpilowski FSB London Policy Chair and Simon Pitkeathley from LEAP.
We are calling for greater protection for small businesses in London. This should be done by raising the rateable value at which small businesses pay no rates, known as small business rates relief (SBRR), from the current level of £12,000 to £20,000 in inner London and £15,000 in outer London. The latter is the nationwide threshold for SBRR eligibility in Scotland.
We also want more frequent business rates revaluations, ideally every two years, to allow businesses to benefit from changes in economic conditions, rather than being hit with huge overnight increases at lengthy intervals.
The full report has been produced by Ramidus and can be found here.