BUSINESS rates are a “ticking time bomb” for small companies and the Government should offer emergency transitional relief for firms facing “cliff edge” increases, Labour has said.
Following pressure from business groups, the media and some Tory MPs, Communities Secretary Sajid Javid last week announced extra help for small firms facing increases, to be announced in the Budget on March 8.
The Government has already established a £3.6 billion transitional fund to help businesses facing sharp increases when the property-based levy is updated for the first time since 2010, with new rates coming in from April.
Shadow business secretary Rebecca Long-Bailey called for “immediate” relief to stop thousands of firms going out of business.
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