Dismore speaks out on unfair business rates rises
At today’s London Assembly Economy Committee hearings on small business workspace Labour London Assembly Member for Barnet and Camden Andrew Dismore spoke out against the unfair rents increases that will affect SMEs in his constituency. (see FSB Rateable Value London Map)
Mr Dismore said:
‘I have been raising the impact of the business rate rise on local business for some time. The effect in London is out of all proportion, and at a time when the consequences of Brexit and the drop in the value of the Pound are creating serious uncertainties and additional costs, it is wholly unfair that our SMEs, which are so vital to London’s economy, are being clobbered in this way, whilst many places in the rest of the country will be subsidised by London’s higher rates.
‘Business rates in Barnet will go up on average by12% and in Camden by a whopping 30%
‘Moreover, the small business rates relief scheme will exclude many in London, as the thresholds are linked to property rateable values and with higher values here the impact is to exclude those who need help the most from getting it.
‘What rubs salt in the wounds is that a huge multinational business like Amazon for example, already facing criticism for their tax avoidance schemes, and whose profits from the last quarter alone were $748 million , will actually see their rates bill cut for six of their nine major distribution centres and their overall bill go down by more than £140,000.
‘I am pleased to see that London Mayor Sadiq Khan is making urgent representations to the Chancellor to reduce this burden on London’s business. Thee Chancellor must listen to the voice of London’s businesses, rather than kill the goose that lays the rest of the country’s golden eggs’.
