I speak to Telford businesses regularly. Businesses large and small have been in touch over recent months to express concerns about possible business rate increases. Business rate bills are due to go out in the next few weeks based on a new valuation of business premises and this is creating anxiety.
Small retailers and high streets are among those most likely to be most affected by the changes.
Business rates raise around £23 billion each year to help pay for public services. From 2020 all local councils will be able to retain the 100% of the revenue they raise from business rates in their area.
So while an increase will help local councils, it could also negatively affect the local economy and it is important to get the balance right.
I have been able to raise these concerns with the Chancellor and with the Department for Local Government and stress the importance of our small retailers and businesses. I have received confirmation that overall business rates in Telford will fall on average by 5.9% which is good news. However, an average fall, while welcome, can mask variations.
If there are businesses which find that they are particularly hard hit, please do get in touch with me so I can raise your case in Parliament. I have received assurances that there will be transitional relief to ease the changes.
Business is vital for our local economy in Telford and this is an issue I will continue to keep a close eye upon.