- Greg Hands MP has welcomed support for businesses across Chelsea & Fulham as the Conservative Government extend support for business rates and cut taxes for small businesses from this month.
- This month, business rates for small businesses and retail, leisure and hospitality businesses will be frozen or cut and the VAT threshold will be raised to support small businesses, meaning business owners can focus on their priorities like taking on more staff.
- New support this month has been delivered because the Conservatives stuck to the plan with the economy, including more than halving inflation from 11.1% to 3.4% to ease pressure on businesses.
Greg Hands MP has welcomed new support from the Conservative Government’s delivered this month for businesses across Chelsea & Fulham.
From this April, the changes to business rates will take effect including a freeze to the small business rates multiplier at 49.9 pence and 51.2 pence for 2024-25 and a 12-month extension to the 75% Retail, Hospitality and Leisure relief.
Together, these measures represent a £4.3 billion support package, building on the £14.5 billion package of business rates support since the pandemic.
Freezing the small business rates multiplier for small businesses for a fourth consecutive year, will save an average shop £1,650, with 82,300 businesses in London benefitting.
Extending the Retail, Hospital and Leisure (RHL) relief will benefit 230,000 properties with almost £2.4 billion in support, protecting small businesses in our high streets and town centres. This measure will cut the cost of business rates for 49,852 businesses across London.
Today’s package has been made possible because the Conservatives stuck to the plan with economy, including more than halving inflation from 11.1% to 3.4% to ease costs for business owners.
Commenting, Greg Hands MP said:
“Local businesses and the jobs they support are a lifeline to people across Chelsea & Fulham – they have grappled with global shocks such as the pandemic and the energy price spike.
That is why I welcome that from this month, more businesses across Chelsea & Fulham will receive support with their business rates and some businesses will be taken out of paying VAT altogether.
This means businesses can focus on their priorities, like expanding their business or employing new staff – helping to grow the economy as the Conservatives stick to the plan to strengthen the economy.”
Commenting, Chancellor of the Exchequer Jeremy Hunt MP said:
“Because we stuck to the plan, the economy has turned a corner – inflation has fallen from 11.1% to 3.4%, wages are rising, mortgage rates are starting to come down and debt is on track to fall as a share of the economy.
That is why this April we are cutting the double tax on work, putting £900 back in the pockets of the average worker, freezing business rates, boosting pensions, cutting the cost of childcare and delivering a record increase to the National Living Wage.
By sticking to the plan, the Conservatives will deliver a stronger economy to build a brighter future. Labour cannot say what they would do with the economy because they do not have a plan – they would take us back to square one.”
ENDS
