James Wright Conservative Parliamentary Candidate for Bath has welcomed new support from the Conservative Government this month for businesses across Bath.
From this April, the changes to business rates will take effect including a freeze to the small business rates multiplier at 49.9 pence and 51.2 pence for 2024-25 and a 12-month extension to the 75 per cent Retail, Hospitality and Leisure relief.
Together, these measures represent a £4.3 billion support package, building on the £14.5 billion package of business rates support since the pandemic.
Freezing the small business rates multiplier for small businesses for a fourth consecutive year will save an average shop £1,650, with 108,300 businesses in the South West benefitting.
Extending the Retail, Hospital and Leisure (RHL) relief will benefit 230,000 properties with almost £2.4 billion in support, protecting small businesses in our high streets and town centres. This measure will cut the cost of business rates for 28,100 businesses across the South West.
Today’s package has been made possible because the Conservatives stuck to the plan, including more than halving inflation from 11.1 per cent to 3.4 per cent to ease costs for business owners.
Commenting, James said:
“Local businesses and the jobs they support are a lifeline to people across Bath – I know as a business owner that cuts in taxes result in higher investment and job creation.
“That is why I welcome that from this month, more businesses across Bath will receive support with their business rates and some businesses will be taken out of paying VAT altogether.
“This means businesses can focus on their priorities, like expanding their business or employing new staff – helping to grow the economy as the Conservatives stick to the plan to strengthen the economy.”
