Jeanette Winterson, author of Oranges Are Not The Only Fruit, is set to close her delicatessen Verde & Co. The move by the famous author comes after she was notified that her business rate is set to rise from £21,500 to £54,000 come April.
Winterson, who won the Winterbread Award in 1985 for her famous first book, said the business rate hike meant she was left with three choices regarding the future of her shop, “close it, sell it, or hand it over to the big boys.”
The business rate is the level of tax firms pay on commercial property. Whilst the business rate in northern cities is set to drop by up to 56%, in order to recuperate the loss of income London business rates will rise by up to 87%. The rate rise will impact small independent businesses hardest. Winterson said that“It doesn’t matter if you’re in Marylebone or Spitalfields or round the back of Belgravia, your little newsagents, your dry cleaners, your corner shops and independent bookshops in particular will be hard hit because their turnover isn’t high,” she said.
Independent shop owners on the world famous Brick Lane told CityNews that they were increasingly worried about the future. One retailer said that “with business rates rising, landlords asking for more money and impact of Brexit it’s increasingly hard to break even at the end of the month.” Many business owners are frustrated that the rise in business rates in London comes at a time when business rates are being cut by up to half.
So the for now at least the future of the independent shop remains uncertain.
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HeadlineFamous author closes shop after business rate hike
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Jeanette Winterson, author of Oranges Are Not The Only Fruit, is set to close her delicatessen Verde & Co. The move by the famous author comes after she was notified that her business rate is set to rise from £21,500 to £54,000 come April.
Winterson, who won the Winterbread Award in 1985 for her famous first book, said the business rate hike meant she was left with three choices regarding the future of her shop, “close it, sell it, or hand it over to the big boys.”
The business rate is the level of tax firms pay on commercial property. Whilst the business rate in northern cities is set to drop by up to 56%, in order to recuperate the loss of income London business rates will rise by up to 87%. The rate rise will impact small independent businesses hardest. Winterson said that“It doesn’t matter if you’re in Marylebone or Spitalfields or round the back of Belgravia, your little newsagents, your dry cleaners, your corner shops and independent bookshops in particular will be hard hit because their turnover isn’t high,” she said.
Independent shop owners on the world famous Brick Lane told CityNews that they were increasingly worried about the future. One retailer said that “with business rates rising, landlords asking for more money and impact of Brexit it’s increasingly hard to break even at the end of the month.” Many business owners are frustrated that the rise in business rates in London comes at a time when business rates are being cut by up to half.
So the for now at least the future of the independent shop remains uncertain.
