A freeze on business rates and increased access to funding would help save the British high street, a business body has said.
The measures are included as part of the Federation of Small Businesses’ (FSB) new plan to help high street businesses thrive.
The report, published this month, says the “burden of rising rates bills and ever-increasing rents”, as well as “soaring employment costs” and “pressure from online retailers” are creating a perfect storm in our town centres.
The plan sets out five key areas which it believes the Government must act upon to create a fairer system for high streets to survive.
These include a more balanced business rates system for centrally-located businesses, an easy and simple system to appeal rates bills, better access to cash and banking services and abolishing the rate relief rule that penalises small business expansion into additional premises.
Some of its other recommendations also focus on how policymakers can create a thriving ecosystem within our town centres, such as creating more free parking and investing in the maintenance of local road networks, which in turn would draw more customers to high street shops.
Commenting on the report, Mike Cherry, National Chairman at the FSB, said the “pressure is mounting” for the Government to act ahead of the Autumn Budget.
“Over the long term, a serious look is needed to overhaul the unfair, regressive business rates tax that hits firms before they’ve had the chance to make their first pound of turnover, let alone profit,” he said.
“As the Budget approaches, the Chancellor must provide targeted support to those businesses struggling to keep their heads above water in the face of rates rises.
“With transitional rate relief now winding down, it’s vital that businesses are given the right support, in the form of a rates freeze from April 2019 and a discount for local shops, pubs and eateries.”
To view the full list of recommendations, please click here.