North Trafford Local Conservatives have welcomed the Conservative Government’s business rates package announced at the Autumn Statement for Growth, supporting businesses across the North West including in North Trafford.
At the Autumn Statement 2023, the Conservative Government announced the freezing of the small business multiplier, which will protect over a million ratepayers from an increase in their business rates bills for a fourth consecutive year.
The Conservative Government is also extending the Retail, Hospitality and Leisure (RHL) relief, to protect small businesses, in our high streets and town centres, from unaffordable business rates bills.
Together, these measures represent a £4.3 billion support package. Freezing the business rates multiplier for small businesses for a fourth consecutive year, will save an average shop £1,650, with 119,000 businesses in the North West benefitting.
Extending the Retail, Hospital and Leisure (RHL) relief will benefit 230,000 properties with almost £2.4 billion in support, protecting small businesses in our high streets and town centres. This measure will cut the cost of business rates for 26,009 businesses across the North West.
The package is part of the Conservative Government’s commitment to make the UK the best place to start and grow a business. This announcement comes at the same time as the Government announced full expensing will be made permanent, delivering a £11 billion tax cut for businesses.
Commenting, a spokesperson for North Trafford Local Conservatives said:
“Local businesses and the jobs they support are a lifeline to many people across North Trafford – they have grappled with global shocks such as the pandemic and the energy price spike.
“That is why North Trafford Local Conservatives welcome the news that the Conservative Government are offering over £4 billion in business rates relief – supporting thousands of businesses across North Trafford.
“This means businesses can focus on their priorities, like expanding their business or employing new staff – helping to grow the economy.”