Barry wrote to Rishi Sunak, the Chancellor of the Exchequer, regarding his recent announcement of support for small businesses. You can see Barry’s letter in full here.
He announced there would be support for small businesses, and businesses in the retail, hospitality and leisure sectors. This support will take the form of two grant funding schemes, the Small Business Grant Fund and the Retail, Hospitality and Leisure Grant Fund and would be delivered by local authorities. However, the 2017 revaluation added £3.9 billion to London’s rateable value, with a rates bill increase of £909 million to London’s businesses. Due to the nature of the system London saw a significant increase in business rate bills compared to the rest of the England and therefore most of them have rateable values in excess of £51,000 and are unable to apply for the grant announced.
Therefore, Barry asked why there has been no London weighting applied to the formula to take into account the high costs of operating across the capital?