The Chancellor announces his budget today. One announcement being trumpeted is that of business rates relief for smaller outlets. This does not address the real issues. As Vince Cable says “hand to mouth support isn’t sustainable … There must be a fundamental change in the system”.
The Liberal Democrats want to abolish business rates and replace it with a tax on land values, the Commercial Landowner Levy. The levy would remove buildings and machinery from calculations and tax only the land value of commercial sites, boosting investment and cutting taxes for businesses in nine out of ten English local authorities.
Vince Cable said “We must create a level playing field between the high street and online retailers.”
Nick Coates agreed adding “the Tories are playing with old solutions while the retail world has changed and is continuing to change. Our solution addresses this with a forward looking solution.”