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Broken business rates system should be abolished

October 29, 2018 10:44 AM
Originally published by Folkestone and Hythe Liberal Democrats
Chani Sanger outside To Let Shop in Guildhall Street

Business rates are part responsible for killing our High Streets: Chani Sanger outside empty units in Tontine Street

The Chancellor is today expected to use his Budget to announce business rates relief. While Liberal Democrats welcome any relief, hand-to-mouth support for businesses simply isn't sustainable.

The UK high street is suffering the worst year on record, with in-store sales falling and hundreds of thousands of jobs lost. In Folkestone, the future of one of the largest stores Dedenhams is at risk as the company are reportedly considering closing up to 50 stores.

The Liberal Democrats demand better.

Liberal Democrats would create a level playing field between the high street and online retailers. That means scrapping the broken business rates system and replacing it with a tax on land values that would boost investment and cut taxes for businesses in nine out of ten English local authorities.