The Islington Chamber of Commerce joins the Great Business Rates Debate

• Ronke Lawal (Islington Chamber of Commerce)
• Monday 22 February 2010

The Islington Chamber of Commerce has always been at the forefront of representing local businesses. With such a dynamic range of businesses with the borough the impact of even the slightest change in business policy can have a huge impact. On the 3rd February 2010 The Islington Business Partnership team held a Business Rates Revaluation Seminar at the Islington Town Hall. It was a highly contentious subject matter with representatives from the council, the VOA, Transport for London and the GLA there to present updates on rating, the cross rail proposal and the Islington Business rates collection service.

Valuations are set 2 years prior to the effective date which allows time for research and planning. This proved to be the most sensitive issue as the new valuations which are set for 1st April 2010 were made on 1st April 2008, BEFORE the economic downturn that the UK is currently facing. Clearly this has an adverse impact on a number of businesses who are already struggling with unfavourable economic conditions. This is not to mention the added burden of the Cross Rail Supplement for some of the larger businesses in the area which they have no choice but to pay whether or not they use the new transport link. The Chamber will be actively urging Local Government Ministers to support us in capping business rates or raising the issue for parliamentary review.

The chamber's CEO, Ronke Lawal recently met with some local business owners in the Camden Passage; David Griffith, Mike Weedon Antiques and Angelica Bridal - who have all found themselves in the same situation regarding Business Rates. David Griffith recently purchased a small box-style Boutique just off the passage with little passing foot fall and yet has been valued at the same rate as some of the more prominent stores in the passage. Whilst Angelica Bridal is a new business and though it is entitled to small business relief the rates still exceed the budgeted expectations of the new business.

With the economy still in uncertain times, the onset of an national election and consumer confidence only recently increasing, the effects of business rates and taxes is still relatively under-publicised and yet it can have a crippling effect on both growing and established businesses.

More information contact:

Ronke Lawal

rlawal@islchamber.org.uk

www.islchamber.org.uk

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