High Street shops and cafes set for business rate reprieve amid increase to national insurance and minimum wage
High Streets across the region are set for a Business Rates reprieve as plans have been announced to extend rate relief for cafes, shops and pubs.
The move to extend a 40% rate relief scheme brought in during the pandemic was part of a number of measures to boost High Street businesses across the country announced in the Government's Autumn Statement today (October 30), which also included a crackdown on shoplifting.
UK Chancellor Rachel Reeves also announced increases to the national minimum wage, with employers also set to pay higher rates of national insurance contributions as part of efforts of boost government coffers for improved public services.
But the move fell short of wholesale revision of business rates called for by one West Midlands high street regeneration specialist, who said increases to national insurance contributions and national minimum wage could also have a significant impact on retail businesses in the region.
Sally Themans, head of place marketing at Bridgnorth based business development firm Good2Great, says the increased costs may prevent small businesses from taking on staff.
