By Bill Tanner/ 24dash
More than two in five (44%) of businesses say they are worried about the forthcoming revaluation of business rates, according to a new survey carried out by London Chamber of Commerce and Industry (LCCI). This figure rises to 55% among those employing 10 or more people with a third (34%) of all businesses saying they didn’t know. The survey, carried out in partnership with ComRes, also found that although the new rates are due to be announced in October and come into effect in April 2017 there was a lot of uncertainty around the issue.
Half (49%) of those surveyed said they didn’t know whether Business Rates Supplements have a role to play alongside other funding sources in funding infrastructure developments that business stand to benefit from. Similarly, 42% said they were unsure if giving more control of business rates to London local government would have a positive impact on their business and 40% didn’t know whether the business rates their business pays are fair.
Chief Executive of London Chamber of Commerce and Industry, Colin Stanbridge said: “The results suggest that there isn’t enough clarity around the subject. “While LCCI welcomes the devolution of business rates in principle and recognises the role that businesses can play to fund infrastructure that benefits their locality, the Treasury needs to outline how reforms will work in London given the Business Rates Supplement that is already in place.
“The Government must ensure that implementation is done transparently and in consultation with the capital’s local businesses who are stumping up or we run a very real risk of businesses shutting up shop and moving out of London.”
London Chamber of Commerce and Industry (LCCI) is the capital’s largest and most representative business organisation, with members ranging in size from multi-national companies to SMEs and sole traders. ComRes surveyed 508 London business decision makers online between 16th May and 6th June 2016. The data was weighted to be representative of all London businesses by company size and broad industry sector.