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London First responds to government’s 2017 revaluation of business rates

The 2017 revaluation of business rates will hit London hard. It could see the capital’s bill for business rates soar by an estimated £885 million annually – a significant extra tax burden for businesses in London. The capital’s economic success is vital for Britain’s economic success. London First, working with the New West End Company, has been a catalyst in bringing the GLA and London’s businesses to jointly lobby government.

This resulted in an unprecedented joint response to the government’s consultation on transitional relief from the Mayor, London Councils and over 40 business organisations representing over 16,000 small, medium and large London businesses. The level of concern amongst business was reported in the Evening Standard and the Daily Telegraph.

We are asking the government to:

  • Revise its transitional relief proposals to give businesses a realistic opportunity to plan for the large rate rises caused by the seven-year period since the previous revaluation
  • Review in the long-term the effectiveness of business rates as a way of taxing businesses and explore the decoupling of London from the national system to prevent future revaluation turbulence and the continuing erosion of the tax base in the rest of England
  • Consider positively mitigating proposals that will enable London businesses to generate the income to meet the rise in business costs

Following this positive media response, the Co-Chairs of the All Party Parliamentary Group for London have written to the Chancellor and Communities Secretary. London Councils have approached all London MPs asking them to add their names to this letter. Between now and the Autumn Statement London First will continue to press Government for steps to support London’s businesses, and create the conditions that support jobs and investment.

Contact: David Lutton, dlutton@londonfirst.co.uk

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