Local MP Tessa Munt has welcomed the British Retail Consortium’s (BRC) ‘Road to Reform’ report, published today, which considers how our regressive business rates system can be made fit for purpose.
The publication puts forward a range of ideas for the reform of the UK business rates system.
Commenting on proposals Tessa said:
“I have long argued that our system of business rates is unfair. Whilst we’ve modernised other taxes, business rates have been left behind and the system is woefully out of date and particularly harmful for our small and medium sized enterprises – the companies the nation has to thank for pulling our economy out the danger zone.
This was the very first concern I raised when I was appointed Vince Cable’s Parliamentary Private Secretary in 2012, and he agreed that a radical shake up was required.
I know he has pushed for discussions at Cabinet level and the launch of the Chancellor’s ‘Discussion Document’ has begun to stimulate a debate.
Last week, during Prime Minister’s Questions, the Prime Minister announced, amongst other measures, that small businesses affected by the floods would be granted a deferral on their rates. This is really welcome in my patch.
I’m hopeful that the Chancellor will be persuaded to go much further and accept that a fundamental shake up is what is needed in order to remove the disincentive to invest in and improve property, promote growth in jobs and output and support our entrepreneurs, rather than simply tinkering with the existing system which is failing small and medium sized businesses.