“Today
many businesses across the country will see their business rates increase
substantially. For some firms, it will seriously threaten their viability and
continued existence. However, today it also transpires that the Government’s
inadequate measures to mitigate these effects are not even in place to help
businesses. The support fund the Government promised is reportedly not even up
and running and nor is the Government clear on how it will work.
“The
Government’s botched business rate revaluation has created a huge and
destabilising burden for many businesses. Prior to the budget Labour announced
its Five Point Plan for business rates, which promised to set up an Emergency
Relief Fund, undo Tory restrictions on the appeals process, bring forward the
shift from RPI to CPI indexation, and remove most categories of new plant and
machinery from valuations, as well as a fundamental rethink of business rates
in the longer term. Today the Government must rise to Labour’s challenge by
taking action to defuse the ticking time bomb of business rates and bringing
forward additional transitional relief for small and medium sized firms.”
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