Budget boost for West Cornwall businesses as business rates are scrapped for a year

MP Derek Thomas says today’s Budget announcements scrapping business rates for a year will be welcomed by hundreds of small businesses in West Cornwall.

The Chancellor, Rishi Sunak MP, said he was abolishing business rates for all retail, leisure or hospitality business with a rateable value below £51,000.

This applies not only to shops, cinemas, restaurants and music venues as promised in the Conservative Manifesto, but also museums, art galleries, theatres, caravan parks, gyms, small hotels, B&Bs, sports clubs, night clubs, clubhouses and guest houses.  

In addition, Mr Sunak promised a £3,000 cash grant per business for any firm that is currently eligible for the small business rates relief – a £2 billion cash injection for 700,000 small businesses.

A long-time supporter of behalf of small businesses – in recent years Mr Thomas has led a dogged campaign to get Government to cut business rates for small shops and to reform business rates as well as launching initiatives such as town centres surveys and small shop of the year competitions in St Ives, Penzance and Helston – and he said the Chancellor had gone further than expected in his measures.

“Small businesses are the heartbeat of the economy here in West Cornwall and the past few years have not been easy for many businesses as town centres have struggled against the twin threats of online shopping and out-of-town supermarkets with free parking,” he said.

“Scrapping business rates for a year will give these businesses a welcome boost and I am confident the Government will see the value of maintaining this in future years.”