Khan revealed to City A.M. last night that business rates will increase in 28 of the capital’s 32 boroughs in 2023, just as the UK is predicted to go into recession.
The government intervened this month to stagger planned business rates increases for next year over three years, however many London firms are still facing crippling hikes.
Khan is calling for the government to more than double the rateable value threshold at which SMEs start paying the tax.
“We need an urgent package of measures from government to support small businesses and those in the outer London boroughs who are fighting to survive in this tough economic climate,” he said.
Figures released by City Hall revealed that some London SMEs are facing 24 per cent rises in their firm’s rateable value, rates are partly based on property values, from April.
Read more at City A.M.
