The Federation of Small Businesses has called on London councils to freeze or reduce their business rates for small businesses in the Capital. A new survey conducted by the FSB found that one in ten of respondents were paying more in business rates than they were in rent.
In some parts of London business rates exceed rent. This is madness and is stifling growth in the London economy. Small businesses are keen to grow and expand but high business rates are holding them back.
How can micro firms be expected to take on staff, invest and grow when business rates are so punitive? Freezing business rates for 2014/15 would provide much needed relief to struggling small firms and be a step in the right direction.
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