Ahead of November’s Budget, the Heart of London Business Alliance (HOLBA) is joining the growing army of businesses, trade bodies and retailers calling on the Government to “fix the broken business rates system” - warning that London faces a £2bn tax hike next April, with large firms seeing average rises of 26%.
HOLBA’s proposals call for bold reform to boost growth, jobs and investment. It is calling for a reform on rates, replacing the current outdated model with what it dewcribes as a fairer, digital Combined Business Rate and also introduce proper transitional relief.
It is also asking for a return of tax-free shopping, reintroducing VAT-free shopping - including for EU visitors - to revive international spending.
Finally, it is looking to protect the West End more generally, boosting Met Police resources to “keep the UK’s cultural and commercial heart safe and thriving.”
The West End is a powerhouse for jobs, culture and growth. With smarter tax reform, restored visitor incentives and greater public safety investment, the Government can unlock London’s full potential and strengthen the UK economy.
HOLBA will continue to campaign on behalf of its 500+ members to ensure a fairer business rates system is implemented. It explained: “The Government needs to listen to businesses and take this next step to creating a business rates system fit for the 21st century.”
To find out more about HOLBA’s business rates reform proposal, click here.
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