As part of his budget, the Chancellor announced that business rates will be cut by 1/3rd for smaller shops compared to current plans. Shops with a rateable value under £51,000 will be eligible, which means most high streets shops will be entitled to the rates reduction. The Treasury has estimated that 90 percent of small retailers stand to benefit from this reduction.
I have been campaigning to lower business rates to support smaller shops and retail businesses, especially those on the high street, for many months now. At the same time, the very largest online companies who have been paying very little tax will have to pay a £400 million per year Digital Services Tax bill from April 2019, to help level the playing field.
The Chancellor of the Exchequer, Philip Hammond, thanked me during his budget on Monday, saying “If Britain’s high streets are to remain at the centre of our community life, they will need to adapt. Today, we support them to do so, responding to calls from across this House, especially from my right hon. Friend the Member for Putney (Justine Greening) and my hon. Friends the Members for Southport (Damien Moore) and for Croydon South (Chris Philp).”
The Head of the Purley Business Improvement District, Simon Cripps, has also said said, “Local traders are really appreciative that Chris listened to our concerns about Business Rates and then lobbied the Chancellor so effectively on our behalf. I’m delighted that the Chancellor listened – it’s good to know that the voice of local shopkeepers in Purley is being heard in Downing Street, thanks to Chris.”