Business Rates Relief Shot in the Arm for High StreetPublished Friday, 25 January 2019
Up to 250 high street businesses in Ribble Valley are to receive a shot in the arm thanks to rates relief of up to a third.
The two-year relief, for retail outlets with a rateable value of £51,000 or less, was announced in the Government’s 2018 budget.
Ribble Valley Borough Council’s policy and finance committee heard the relief, which starts in April, will automatically be granted to around 250 local businesses that are wholly or mainly used as shops, restaurants, cafes and drinking establishments.
Council leader Stephen Atkinson said: “Town centres are the heart of our communities, creating jobs, nurturing small businesses and boosting the local economy.
“But more people are shopping more online and making fewer shopping trips, which is changing the nature of what makes a town centre successful.
“This relief will bring a boost to high street businesses across Ribble Valley, who are providing a fantastic and much-valued service, and our officers will be working hard to apply it in time for the new financial year.”
Chancellor Philip Hammond announced the relief in his 2018 budget, along with a £650million Future High Streets Fund, which aims to rejuvenating town centres. Ribble Valley Borough Council is to bid for a slice of the fund, as part of its proposed redevelopment of Clitheroe Market.