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Matthew Hancock MP welcomes business rates help for 28,000 local businesses

Matthew Hancock MP

Matthew Hancock MP

 

Some 28,000 business properties in Suffolk are set to benefit from a package to help the high street and support businesses at the Autumn Statement on Thursday (December 5).

Matthew Hancock MP has welcomed the news that will boost jobs and growth in West Suffolk.

The package includes a business rate discount of up to £1,000 for retail premises, including shops, cafes, pubs and restaurants, as help for the high street.

Measures announced include:

· A two per cent cap on everyone’s business rate increases.

· £1,000 off business rate bills for all retail premises with a rateable value up to £50,000 for 2014/15 and 2015/16.

This includes shops, cafes, pubs and restaurants.

· A new reoccupation relief, which will halve the rates bills of businesses taking over premises empty for over a year.

· The doubling of Small Business Rate Relief is being extended to April 2015 and expanded.

The skills minister commented: “I wanted the Government to listen to calls from local businesses and they have.

“That’s why this help for the high street is such good news.

“28,000 thousand businesses in Suffolk will benefit from the overall package of support – especially the shops, pubs, and cafes on our high streets.

“High street businesses are an important part of local life.

“We are backing local businesses all the way.

“With Small Business Saturday this weekend Conservatives are giving businesses in West Suffolk the help they need to grow and create jobs.”

For all the latest news see Thursday’s (December 12) Echo.

 

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