£7m fund to support Hackney businesses hit by rate hikes

Hackney Council has launched a consultation on how to allocate £7.1 million to support local businesses whose Business Rates have increased due to Government reforms.
Under its proposals, the money will be targeted at the borough’s most severely affected small and medium businesses. However, certain types of businesses, such as betting shops, payday lenders and national and multi-national chain stores, as well as empty properties, would be excluded.
The extra funding follows the national revaluation of business premises, announced by the Government last year. New ‘rateable values’ were published in March and are now being used to set Business Rates.
Because property prices have risen dramatically in Hackney over recent years, the borough experienced an average rateable value increase of 46%, the largest in London and five times the England average. Thousands of businesses now face bills thousands of pounds higher than they were in 2016/17.
Hackney Council is not involved in setting rateable values or Business Rates, these are set by the Valuation Office Agency and the Government. Because the borough was so disproportionally affected, the Council called on the Government to offer more support for businesses. This included writing to the Chancellor in November and running a joint-campaign with the East End Trades Guild which resulted in a petition with 10,500 signatures being handed in to Downing Street in March.
The Chancellor subsequently announced the Discretionary Relief Scheme in his spring Budget to help businesses facing rises due to its revaluations. Councils have been allocated part of a £300 million fund, proportionate to how adversely affected businesses in their area have been. It covers 2017/18 to 2020/21 and councils must design their own scheme to distribute it locally.
Hackney Council received £7.1m in total, and £4.1m is available in 2017/18. The Council had been waiting for detailed information from the Government about the new fund before proposing its local scheme for consultation with the business community.

   The Government’s severe and disproportionate Business Rates hike has hit many of Hackney’s businesses. Government has taken an extraordinary long time to instruct Councils to start offering support through the Discretionary Relief Fund. Now the Council has the information it is important to make sure that the most appropriate scheme for Hackney is designed and implemented as soon as possible.

    “The Council’s priority is to support the small and medium businesses which are at the heart of Hackney’s diverse communities and make up the boroughs unique character. Whether it be the established family firms or innovative start-ups, the funding is proposed to be focused on the enterprises which create Hackney’s thriving and vibrant high streets and business clusters.

    “Though this extra funding, and the other support measures announced by the Chancellor, is welcome it is not enough and we know that many businesses will still face difficult months and years ahead trying to cope with the Government’s hikes. Hackney Council will keep doing all it can to offer support and advice to our business community, and make sure the call for a reasonable, fair and affordable rate system is heard in Westminster and City Hall.

Cllr Guy Nicholson, Cabinet Member for Planning, Business and Investment„

Under the Council’s proposed scheme, the amount of relief given to a business will be proportionate to the amount its bill has increased from 2016/17 to 2017/18.
Relief will only be provided to ratepayers whose 2017/18 rateable value is £200,000 or less, and whose 2017/18 Business Rates bill, after exemptions and other reliefs, increased by 12.5% or more due to the Government’s revaluation. It’s anticipated that 2,200 small and medium businesses may qualify for support.
Full details on Hackney Council’s proposed Discretionary Relief Scheme are available at www.hackney.gov.uk/businessrates. The closing date is 26 September.
The Discretionary Relief Scheme was one of three measures announced by the Chancellor. The two others relate to businesses which have lost some or all of their Small Business Rate Relief, and pubs with a new rateable value of below £100,000. About 450 Hackney businesses and 120 pubs are expected to benefit.

Hackney Goverment
Hackney BusinessRates
If you notice an error, highlight the text you want and press Ctrl + Enter to report it to the editor
5 views in september
I recommend
No recommendations yet


Comments are designed to communicate and discuss the features of an enterprise or event, as well as to find out the interesting questions on it.

Children have been told they will be banned from cycling to their south London school if they do not put number plates on their bikes. Teachers at Stanley Park High, in Carshalton, are introducing the scheme so members of the public can report pupils cycling dangerously. The secondary school said the main aim was to keep children safe. Charity Cycling UK questioned why Stanley Park High "want to make cycling to school more difficult". On the school's websi...
A 15-year-old girl who died after a severe allergic reaction to a baguette from an airport Pret a Manger said "Daddy, help me" as she struggled to breathe, an inquest has heard. Natasha Ednan-Laperouse became ill on a flight to Nice on 17 July 2016. Despite her father administering two EpiPen injections, Natasha died in a hospital in Nice within hours, West London Coroner's Court heard. Pret a Manger said it was "deeply saddened" by her death. Natasha from...
It’s the personal touch that drew Michael Chambon to the job fair. It’s the personal touch that draws Michael Chambon to the job fair. Like nearly 3,000 other job seekers in London and region, Chambon, an engineer from France, will line up Tuesday at the London and area job fair where more than 80 businesses are hiring. “It is difficult to look for work when you are dealing with a website and computers, not humans, are looking at your resume,” said Chambon...
Gateway Casinos and Entertainment is officially on the road to having room to grow. Whether the casino giant will grow in the Western Fair District or not, is an open question. Gateway Casinos and Entertainment is officially on the road to having room to grow. Whether the casino giant will grow in the Western Fair District or not, is an open question. City politicians voted unanimously Monday night at a meeting of the planning and environment committee to...
London police are searching for a man accused of sexually assaulting and choking a woman whom he reportedly met online. London police on Saturday responded to a reported sexual assault involving a woman who says she was slapped and choked by a man she’d met online, police said Monday - writes lfpress.com Police have obtained an arrest warrant for Adam Dabrowski, 28, on charges of sexual assault, overcoming resistance by attempting to choke, uttering threat...
Members of a local heritage preservation group are concerned about the future of a historic building near the London courthouse, after the structure was severely damaged in a Monday morning fire that police deem suspicious. “We are saddened to learn of the fire that took place this morning, especially since the damage seems to be rather extensive,” said Jennifer Grainger, president of the London branch of the Architectural Conservancy of Ontario (ACO). “A...
A London cannabis producer says it has secured a lease for a planned marijuana dispensary in the city’s south end as part of its aim to open 10 across Ontario this spring. Cannabis companies have been on lease-signing sprees in recent months after the Progressive Conservatives announced their plan to allow private retailers to open pot shops beginning on April 1, 2019. The province hasn’t opened the application process for storefront marijuana retailers, b...
The enraged father of a murdered Woodstock girl and his supporters are planning a rally on Parliament Hill to protest the transfer of killer Terri-Lynne McClintic from prison to an aboriginal healing lodge. The enraged father of a murdered Woodstock girl and his supporters are planning a rally on Parliament Hill to protest the transfer of killer Terri-Lynne McClintic from prison to an aboriginal healing lodge. McClintic, convicted of first-degree murder in...
Sluggish mobile internet in central London is set to be boosted by ultra-fast “mini-cell towers” strapped to lamp posts in some busy tourist areas. Westminster council has approved the first shoebox-sized transmitter to combat “not-spots”, as networks struggle to cope with demand from more than 1.5 million daily West End users. The move could net the council £21 million once the network is rolled out. It follows complaints that download speeds can slow to...