Business Rates Reform
The challenges faced by businesses nationwide in the current economic climate are particularly acute in the West End. At a time when prices are rising, a fundamental reform of the business rates system can protect employment, reduce inflation, and promote economic growth.
Reducing the cost of running a business by reforming this regressive form of taxation that has no link to profit would be an effective step to helping businesses as we face a potentially difficult period.
The business rates system should be reformed to recognise London’s need, as well as the capital’s high commercial rent relative to turnover in order to level the playing field between bricks and mortar stores and online retailers. And business rates relief should be used to encourage sustainability and protect the economic recovery from the pandemic.