The new budget plan is catered to support independent retailers, what does this mean?
Posted on in Cycles News , Political News
The NFRN supports the reductions in business rates and the renewed support to high streets. The measures the government is putting into place indicate the magnitude of the concerns around independent retailers and their support towards smaller businesses. They are taking the steps to ease the business rates that place a burden on independent retailers.
Mike Cherry, The Federation of Small Businesses national chair said:
“For far too long they have come up against an outdated and unfair rates system and it’s clear that change is needed."
Independent retailers are going to see a third of their business rates cut for two years, which will save retailers £900 million. Local high streets will benefit from the allocated £675 million for the improvement to transport links, re-development of empty shops as homes and offices and the restoration of historic properties. This funding sits within a wider £1.5 billion to support the UK’s high streets.
Retailers are stuck in limbo due to the introduction of technology as an everyday feature of our lives and the changes this has brought to how people shop.
As the times are changing more and more and we are moving into a world where technology is a driving force the entire business rates system needs to be reformed within the marketspace that we currently sit within.