Burnham-On-Sea businesses have this week welcomed a pledge from the Chancellor to cut business rates in this week’s Budget.
Chancellor Phillip Hammond announced a raft of changes in his Budget speech on Monday (October 29th) aimed at helping small businesses amid ongoing challenging trading environment in High Streets across the UK.
Burnham-On-Sea’s MP says he hopes the £900m in business rates relief announced for small businesses and £650m to rejuvenate high streets will benefit Burnham and Highbridge. “It will be a real shot in the arm for our high streets,” he said.
The budget statement said: “High streets and town centres are crucial parts of communities and local economies, but the government recognises the challenges they face from changing consumer behaviour and is taking action to help them to evolve.”
“To provide upfront support through the business rates system, the government is cutting bills by one-third for retail properties with a rateable value below £51,000, benefiting up to 90% of retail properties, for 2 years from April 2019, subject to state aid limits.”
“In the longer term, to support a sustainable transformation of high streets, the Plan includes a £675 million Future High Streets Fund, planning reform, a High Streets Task Force to support local leadership, and funding to strengthen community assets, including the restoration of historic buildings on high streets.”
Burnham business owner Alex Turco told Burnham-On-Sea.com: “Whilst we await the detail, the headline announcements of greater business rate relief and the future high street fund are welcome. In particular, there are a number of independent businesses that have high rateable values that would be expected to benefit.”
“Both initiatives should support the work started in Burnham-On-Sea recently with the Burnham Evolution consultation, business plan and associated funding bids, to move on our Town Centre.”
A Burnham-On-Sea Chamber of Trade spokesperson added: “Any reduction in business rates for local small businesses has to be welcome news. We also look forward to hearing more details about the new High Streets Fund and hope that Burnham can benefit from this.”
