16 Nov 2023
The Federation of Small Businesses (FSB) has warned that thousands of small firms face 'sky rocketing business rates bills' unless Chancellor Jeremy Hunt takes action at next week's Autumn Statement.
The business group warned that small firms face a 'triple whammy of threats', including from the 'small business multiplier'; a quadrupling of their bills when the 75% retail, hospitality and leisure business rates discount ends in March; and from large businesses paying suppliers late.
The FSB has called for 'urgent and comprehensive action' to power the UK economy, combat late payments and tackle rising rates bills for small firms.
Tina McKenzie, Policy and Advocacy Chair at the FSB, commented: 'Thousands of pubs, cafes and small shops face sky rocketing business rates bills unless Jeremy Hunt acts at the Autumn Statement. We are at a crossroads for the future of our economy. Real life businesses need a platform to power through troubled times.
'Government is about choices and the Chancellor must concentrate his firepower where it can do the most good – small firms and the 16 million jobs they support. The prize for getting this right is massive.'