Solihull News Column - 30th November 2017
A budget announcement about business rates reforms last week was particularly good news for retailers in Solihull. Chancellor Phillip Hammond revealed plans to bring forward a cut in business rate rises by two years to 2018.
From April, rates will rise in line with the Consumer Prices Index (CPI) measure of inflation (3 per cent), rather than the Retail Prices Index (3.9 per cent). In addition, a shorter business rates revaluation period of every three years will also be implemented.
For a number of years, the Chamber of Commerce has consistently campaigned for changes to be made to this antiquated system. The budget announcement is one step nearer to encouraging new businesses to set up shop and invest in our borough.
Now we need to see less bureaucracy in this antiquated system and a radical overhaul which would free up more money for local firms to invest in their people and products.