Dear Rt Hon Sajid Javid MP,
The proposed business rate revaluation, due to come into force in April 2017, will hit London businesses disproportionately. Central London businesses could face average business rate rises of over 22% although in many areas the increase will be far higher.
The main shopping streets in London’s West End, for example, are likely to see an average 80% rise and many growing areas such as Vauxhall will experience increases above the average.
In most cases the rise is not as a result of improved business performance but simply a reflection of the lack of supply of retail and commercial space. These huge increases will therefore be a major new cost on central London businesses.
Given the economic uncertainty caused by the recent vote to leave the European Union, this is a particularly difficult time to burden London businesses with significant new tax rises.
Vauxhall One BID represents 200 businesses.We call upon the government to freeze the proposed business rate revaluation. If this is not possible, then to introduce a transitional relief scheme to limit any annual rise to no more than 12.5%.