Here’s what they said
Local Federation of Small Businesses (FSB) members have appealed to council leaders in all 33 London Boroughs to commit to FSB’s ‘Small Business Principles’. The principles have been developed to help make sure that the near funding that Councils receive from Government gets to the smaller firms in which are facing the biggest hikes in business rates as quickly as possible.
London is expected to receive £125m of funding that from a new £300m Government fund created to help businesses facing the biggest hikes in business rates, following this year’s recent revaluation. The boroughs are tasked with distributing this money on the Government’s behalf.
FSB London Chair, Steve Warwick, said: “Local small businesses play a significant role in our local economy and help make our area a richer and more diverse place to live, work and visit. London Boroughs didn’t make the decision to raise rates, but now boroughs have the chance to help.
“We all know it hasn’t been the easiest trading environment during the last ten years, but if the Borough leaders sign up to our Small Business Principles they can really help our local high streets and small businesses thrive.”
The five principles FSB is asking the Boroughs to commit to are:
- Commit to focusing this money on micro and small businesses, particularly those hardest hit by the revaluation
- Commit to ensuring that funds are distributed as soon as possible and automatically refund any firm that overpays their business rates
- Commit to a communications campaign to make sure that all affected firms know how they can benefit from the discretionary funds you provide, and proactively approach businesses most in need
- Commit to making any application process for funds as simple and straightforward as possible, so it is inclusive for the smallest firms in our area, and attaches no conditions aside from the size of a firm and how that firm is disadvantaged by the revaluation
- Commit to passing a motion of the council, making clear it is the council’s view that business rates present significant hardship to small and micro businesses in particular, and that the council is acting to alleviate that hardship