08 MAR 2017

Chancellor Announces Discretionary Business Rate Relief to help Small Businesses

Therese has warmly welcomed the announcement by the Chancellor in today's Budget to introduce a £300m discretionarybusiness rate relief fund to help small businesses hit with large increases in the recent business rate revaluation.

The Chancellor has also promised that those businesses that have just come out of Small Business Rate Relief won't pay more than £600 a year under the new revaluation and pubs that have a rateable value of under £100,000 will get a £1,000 discount on their rates.

Last month, Therese led a small delegation of MPs to meet the Chancellor, Philip Hammond MP to press the case over the extraordinary business rate rises in Southwold and Aldeburgh.

Therese said: "I'm delighted the Chancellor has listened to our calls on business rates. At last month's meeting I explained the particular issue in Southwold and Aldeburgh and asked the Chancellor to consider the case to help small independent traders facing very high increases. I was pleased to hear he was using my figures in the Treasury the next day and it is good news we now have this £300m discretionary pot to help our small businesses."

Therese added: "The Chancellor will announce further details of the scheme in due course and I will be liaising with our local authorities to try and ensure those business affected the most get the support they require."

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