Lambeth council and local businesses are working in partnership to campaign against the Government’s impending huge rise in rates. The business rate revaluation, which is due to come into force from 1 April next year, will see some businesses pay 45% more in rates.
This hike in rates could prove crippling to some businesses, especially those with 5 or fewer staff. West Norwood and Herne Hill, each with a high proportion of SME businesses, will be very hard hit.
Lambeth has written to the Secretary of State for Communities and Local Government asking for measures to be put in place to support businesses through any rates rise and a longer term review of the effectiveness of business rates as a method of taxation.
A London-wide campaign is also underway, supported by Lambeth council and backed by the capital’s Mayor Sadiq Khan along with London Councils, London First, London Chamber of Commerce, Federation of Small Businesses London and New West End Company, with 37 additional groups including 32 London BIDS
London businesses overall will pay an additional £855 million in business rates every year, while businesses in much of the rest of the country will see rates decrease in real terms.