The FSB London Chair, Sue Terpilowski, today sent a strong message to London MPs to use the period between the Autumn Statement and the last Spring Budget to lobby the Chancellor to address the ‘ticking timebomb’ of the forthcoming business rate increases payable from April 2017.
Sue Terpilowski made the following remarks at an FSB & Capital Enterprise London Business Rates Event held at the City of London Corporation to an invited audience.
“We were very disappointed that the impact of business rates in the capital for small businesses was not properly addressed. Our members in inner London are facing huge increases in their rates bills in the wake of the recent revaluation. We still want Government to look again at increasing relief thresholds in the capital as the next major reform of the business rates system.”
The FSB recently surveyed micro and small businesses across London and found that nearly two thirds (63%) of Central London small businesses will miss out on business rate exemption when the level is set at £12,000 from 2017; and a further 18% are uncertain if they will be exempt.
The FSB is calling on MPs representing the Capital’s businesses to continue to challenge the Chancellor to create an increased inner and outer London SBBR threshold that reflects the specific problems faced by small businesses in the capital.
“Small business decisions on where they will locate, at the time of renewal, will be judged on the fixed costs of the business. Business rates for a significant percentage of our members are staggeringly high and coupled with their space rents, is contributing to the excessively high cost of doing business in London – which makes it less attractive for micro and small businesses to remain.”