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Business Rates Update

post-image 28th February 2017

South Bank BID continues to campaign against business rates increases

Along with other business groups across London, South Bank BID has continued its campaign to highlight the serious impact of the planned increases in business rates, and in calling for fundamental changes to the current system. The campaign has brought together nearly every BID in London, the Mayor of London, all of London’s MPs and a huge number of London’s businesses, ranging from financial services, tech, and the creative industries, to retail and small independent businesses.

South Bank businesses will be hit with significant increases.  Research commissioned by South Bank BID shows that only three members of the BID will see a reduction in their business rates bills – all other members will see increases, with some face particularly large uplifts.  The average increase per member is around £50,000, and a small number of businesses will see increases of between 200% and 400%.

Our campaign made progress: last year, the government confirmed changes to its “transitional relief” arrangements, which will result in reduced charges for large businesses in 2017/18 and 2018/19 (see here for more information on the government’s response).  But we believe that the government can go further.  We recently signed a joint letter to the Chancellor, asking him to reconsider the government’s position business rates, given the damaging impact that rises will have on London and its competitiveness.  The letter highlighted those key sectors that are likely to be hit hardest: hospitality, hotels, bars, restaurants, theatres, clubs and retail – all vital to the future success of South Bank as London’s cultural heart.  We have been joined by numerous other business groups, and recent media coverage continues to highlight the negative impact that the revaluation of business rates will have.  We await tomorrow’s budget with keen interest.

If you want to find out more about the impact of the planned increases in business rates, please get in touch: BID@southbanklondon.com

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