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06 December 2013

Regional Chairman responds to Chancellor's declaration of help for Small Businesses

Reference number: FSB PR 36/2013

Responding to the Chancellor's Autumn Statement delivered yesterday, the Federation of Small Businesses (FSB) has said it builds on economic growth and will provide real help for small firms' overheads. Locally the FSB are particularly pleased with the action on business rates in which the Chancellor has cut the scheduled increase in business rates next April from 3.2% to 2% and also said pubs, restaurants and small shops will receive a £1,000 discount on their rates for the next two years.

Businesses that move into vacant shops on Britain's struggling high streets will, in addition, enjoy a 50% discount on their rates for 18 months, while rates relief for small businesses will be extended for another year.

Regional Chairman for the Federation of Small Businesses Charles Smith said:"Action on business rates was the top priority for our members, and the Chancellor has addressed some of their concerns in the Autumn Statement. Too many businesses suffer from yearly price rises so capping business rates increases is a welcome measure. With around 300,000 firms relying on 100 per cent rates relief, extending the doubling of small business rates relief will be welcomed by many.

"Relaxing business rates for those firms that want to expand and incentivising new businesses into empty properties on the high street will boost retail and town centres especially in some of the market towns in the region such as Dunstable and Royston. Retailers on struggling high streets will be heartened by the additional £1,000 relief."