Budget reaction from Bromwich Hardy
Moves to abolish business rates for many small businesses were welcomed this afternoon by award-winning Coventry commercial property specialist Bromwich Hardy.
Founding partner Tom Bromwich said Chancellor Rishi Sunak’s pledge to ensure nearly half of all business properties in England will not pay a penny of business rates over the next 12 months was a welcome shot in the arm.
“The Chancellor’s move to exempt small retail, leisure and hospitality businesses from paying business rates for one year to protect the economy from the impact of the coronavirus outbreak is a significant and welcome step,” he said.
“We also welcome the announcement of a new review into the long-term future of business rates themselves, which should be completed by the Autumn.
“The commercial sector needs support now, and clarity moving forward, to make the sort of long-term financial decisions needed to ensure a flourishing economy.
“There is no doubt that the current system of business rates has stifled some activity in the commercial property sector and this move should help unlock some of that potential over the next 12 months.”
Mr Sunak claimed the measures announced would correspond to a £1billion tax cut for business and pledged an additional £3,000 cash grant for smaller businesses currently eligible for the small business rates relief.