Government pressed to increase value threshold for businesses to £150k

Industry leaders, political figures and Business Improvement Districts are calling on the UK Government to support businesses within the retail, hospitality and leisure sectors that have a rateable value of more than £51,000.

Croydon BID is leading the #RaiseTheBar campaign, asking the Government to expand the rateable value threshold for all retail, hospitality and leisure businesses from £51,000 to any business with a rateable value up to and including £150,000.

This will give these businesses access to the £25,000 grant, which, for many, is needed in order for them to survive.

In London alone, there are 19,000 businesses with a rateable value of more than £51,000 and, therefore, with no access to the Retail, Hospitality and Leisure Grant (RHLG).

Croydon BID and its supporters strongly believe that the Retail, Hospitality and Leisure Grant provision and, in particular, the threshold of £51,000, to be far too low to provide adequate support to these businesses in their time of need.

In raising the threshold to £150,000, over 13,000 retail, hospitality and leisure businesses in London will benefit.

The campaign is supported by industry-wide bodies that represent over 100,000 businesses across the UK. For the hospitality sector, this includes UK Hospitality, The Night Time Industries Association and The British Beer and Pub Association (BBPA), amongst others.

Matthew Sims, chief executive of Croydon BID, said: “We acknowledge that by increasing the RHLG threshold up to and including £150,000 will increase the burden on central and local government.

“This is a price we believe is worth paying to ensure businesses are given the opportunity to become part of the greater push to mobilise our economy, rather than leaving premises empty, growing unemployment with or without the job retention scheme and sectors contracting across the board.”

Bill Addy, chief executive of Liverpool BID and chair of the BID Foundation, added: “We cannot underestimate the importance of our retail, hospitality and leisure sectors, and not just to what they bring to our economy, but the people that are employed within them.

“That is why the Business Improvement Districts across the UK are supporting the #RaiseTheBar Campaign in asking Government to increase the retail, hospitality and leisure rateable value threshold from £51k to £150k.

“In doing so, more business will have access to a £25k grant supporting their fight to survive and to allow them to play their central role in kick-starting our economy.”

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