Member of Parliament for the Cities of London & Westminster, Nickie Aiken has called on the government to raise its £51,000 rateable value threshold for cash grants in the retail, hospitality and leisure sectors.
Currently businesses in the sectors with a rateable value of between £15,000 and £51,000 can apply for a grant of either £10,000 or £25,000 per property. Although this is adequate for most of the UK, the high value of businesses operating in Central London has led to a number of small businesses being illegible to apply for support.
On writing to Alok Sharma, Secretary of State for Business, Energy and Industrial Strategy, and Robert Jenrick, Secretary of State for Housing, Communities and Local Government, Nickie commented,
“Businesses in the Two Cities are suffering a disproportionately heavy blow from the £51,000 rateable value threshold for cash grants for retail, hospitality and leisure businesses. Simply put, the threshold is too low for Central London.
Given the value of leases and property, a large number of small businesses in Central London have a rateable value above £51,000 while remaining a small business.
That’s why I’m calling for the Government to rethink the £51,000 limit and take a more flexible approach to ensure our areas small businesses are covered”
In the same letters, Nickie also raised the issue that vital support networks for the retail, hospitality and leisure sectors are not able to apply relief.
You can read copies of the letters Nickie has sent to both Secretaries of State below.