COLUMN by Stroud MP Simon Opher.
Hundreds of High Street businesses across the Stroud constituency were given an important break in last week’s budget.
Small firms are the heart of our community and the local economy.
Locally, independent retailers make up 60 per cent to 70 per cent of our town centre businesses, substantially more than the 40 per cent national average.
That is why, with colleagues, I lobbied hard over the past year for a fairer rating system.
The business rates overhaul unveiled by Chancellor John Healey will make a direct and significant benefit to everyone in the constituency.
We understand the importance of shopping locally rather than sending profits away to distant corporations, and this will help make our communities more resilient.
The main change is a significant increase to the Small Business Rates Relief (SBRR) thresholds.
From next April, the threshold for 100 per cent relief will rise from £12,000 to £18,000 for qualifying retail, hospitality and leisure businesses, completely removing hundreds of local small businesses from the rates system – and tapered relief will also extend up to £21,000.
For mid-sized venues above these thresholds, the Government is introducing a real-terms freeze on rates bills for the next two years.
This means that operators will not face above-inflation hikes, providing crucial cost stability during global economic uncertainty.
Furthermore, local pubs and live music venues will receive a 35 per cent relief package, saving the average pub around £3,000 a year.
This targeted support recognises how central these institutions are to our way of life.
While there is always more to do—and I am actively working with colleagues to campaign for a reduction in VAT for the hospitality sector—last week’s budget represents a significant step in the right direction.
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