In the Autumn Budget, the Chancellor announced he is bringing forward plans to change the way rates are calculated by two years to April 2018. The reform changes the way rates increase from higher measure of inflation, Retail Price Index (RPI), to the lower one, the Consumer Price Index (CPI). Over the next 5 years the switch will save businesses £2.3 billion.
On top of this the government revealed a further £435 million of transitional support to soften the impact of the recent Business Rates revaluation. This brings total transitional relief to help businesses adapt to the new system to over £4 billion.
These measures are a boost for small businesses and high street retailers, locally and across the country. I am pictured below with Gary from Hoi Polloi and Nathan from Nathan’s Bakery on Small Business Saturday on 2 December in Claygate.