UK
Among the key points from Chancellor Philip Hammond’s Budget 2017 Spring Budget on Wednesday 8 March, he announced £435million for firms affected by increases in business rates, including a £300m discretionary fund for local authorities to help businesses facing large rate increases. In addition, a business losing small business rate relief will benefit from a cap, meaning their rates bill will not increase next year by more than £50 a month.
The national living wage will rise to £7.50 in April
Responding, Carolyn Fairbairn, Director-general, CBI said: “Businesses will welcome the Chancellor’s permanent reforms to business rates – taking more small firms out of the regime and changing the uprating mechanism from RPI to CPI, which the CBI has long been calling for. The reduction in the headline Corporation Tax rate sends out a strong signal that the UK is open for global business investment."
Mike Cherry, national chairman of the Federation of Small Businesses (FSB), said: "FSB welcomes the fact that the Chancellor has listened to the small business-led campaign on business rates. The £435 million of new money is a direct and much-needed response to those facing astronomical hikes in their business rates. This immediate relief is vital in the short-term, and action on more frequent revaluations will also help. But this tax remains out-of-date, so today we call for a cross-party Commission to create a simple, fair tax system for a modern economy.”
