‘We will see what the future holds’ – Wanstead greengrocer on business rate cap
- Credit: Archant
Independent businesses have reacted nervously across the borough to the rise in business rates, despite the chancellor pledging more relief on those “hardest hit”.
Every company which has lost rate relief will see a cap placed upon the amount they have to pay.
Chancellor Philip Hammond, as part of the spring Budget, promised that their bill would not increase by more than £50 a month. Sinan Ereur, manager of Harveys greengrocers, High Street, Wanstead, welcomed the move but was dubious about what the future holds.
“I am pleased with the cap. It will be £2,500 less but the figure is still too high,” he said.
“Rents are going up, rates are going up – we will see in the future what that will mean for us.”
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With large corporations evading millions of pounds of tax, Mr Ereur said it was difficult times for small businesses.
As part of the plan to help smaller companies, local authorities will be given money to grant to shops, pubs and cafes who face an increase in rate.
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The property levy on businesses generates £25billion a year.