Small businesses in Islington are struggling to cope with huge Government increases in business rates that could see many forced to close or to move out of the borough.
Dear Knowledge Quarter Partners,
Small businesses are at the heart of our community and contribute to Islington’s unique identity. However, huge Government increases in business rates and rising rents have meant that many of them are being forced to close, or move out of the borough.
We are supporting a petition organised by the Islington Chamber of Commerce which calls on the Government to increase the threshold for Small Business Rates Relief from £12,000 to £20,000 in inner London. This would help reduce the burden on small businesses by saving up to 850 of them around £4,000 a year.
Please can you help publicise this petition by sending the link to your networks and contacts. If you would like paper copies of the petition to put in Islington shops and businesses, just get in touch and we will arrange for them to be delivered to you.
The petition also calls on the Government to ensure that multi-national online businesses pay their fair share of tax and to carry out a fundamental review of the business rate system. We are arranging a meeting with business support organisations and representatives to explore how the business rate system needs to be reformed and will be in touch with you again about this soon.
Councillor Asima Shaikh,
Executive Member for Inclusive Economy and Jobs