Propel Morning Briefing

London mayor pushes for business rates shake-up to help night-time economy

London mayor Sadiq Khan wants to save the night-time economy by cutting business rates for nightclubs, pubs and bars.

Khan has published his economic development strategy and has said the government should shake-up the business rates systems to save London companies, especially businesses in the centre of the capital.

He has called on the Valuation Office Agency (VOA) to review its valuations for clubs, restaurants and live music venues, saying he is concerned these businesses saw disproportionately large rises in business rates in this year’s revaluation of the property tax.

Some properties in central London were saddled with 50% rate rises.

Alex Probyn, president of ratings advisory firm Altus Group, told City AM: “The night-time economy is vital in reinventing and revitalising many of London’s town centres and in maintaining its draw as a cultural capital. Business rates are a blunt instrument for such targeted support, especially if the mayor is looking for the VOA to take a national approach.”

 

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