Save Islington’s Small Businesses
Small businesses in Islington are facing struggles when coping with huge Government increases in business rates bills that may force many to close or to move out of the borough. It has been estimated that more than 200 Islington businesses have already closed over the past 18 months.
A total of 98% of all businesses in the borough are small or micro ones, which employ fewer than 50 people. Small businesses are more likely to contribute to the local economy, as they usually employ local people and invest almost entirely in their community. Those independent shops and other business also help maintain the unique character of local areas. The Government needs to help small businesses now, and do that by significantly reducing the amount Islington small businesses have to pay.
In 2017, when the Government revalued what every business had to pay, Islington’s businesses were hit with the third highest increases in England with an average of 42% increases! This combined with the rising rents deeply concerned business representatives and the local council.
Many believe the Government should increase the threshold for Small Business Rate Relief, which can help 850 of the smallest local businesses save around £4,000 per year. This is something business groups, such as the Federation of Small Businesses (FSB), have been calling for.
They have a petition to call on the Government to –
- Increase the threshold for Small Business Rates Relief from £12,000 to £20,000 in all of inner London.
- Make business taxes fairer by a legislation for making multi-national online businesses pay their fair share.
- Carry out a general fundamental review of the business rates system to create a fairer system for small businesses.
This petition is being organised by The Islington Chamber of Commerce and supported by The Islington Council. Help save Islington’s shops! Sign the petition: https://goo.gl/TmmGrJ