Businesses in Hackney and Islington are amongst the worst affected by the government’s reassessment of business rates.
Hackney businesses will see an increase of 46%, the second highest increase in the UK, while Islington businesses will see their rates rise by 45%. The increase comes after the governments first evaluation of rateable values since 2008.
Councillors in both areas have said they oppose the increases, with Hackney Councillor Guy Nicholson calling them “extortionate”. There is a fear that efforts to attract businesses to poorer areas will have been in vein if they are now forced to move out or close down.
The rates which businesses pay are linked to property prices which goes some way to explain the large increase within North London boroughs.
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HeadlineIslington and Hackney businesses amongst worst affected by rates increase
Short Headline
Standfirst
Businesses in Hackney and Islington are amongst the worst affected by the government’s reassessment of business rates.
Hackney businesses will see an increase of 46%, the second highest increase in the UK, while Islington businesses will see their rates rise by 45%. The increase comes after the governments first evaluation of rateable values since 2008.
Councillors in both areas have said they oppose the increases, with Hackney Councillor Guy Nicholson calling them “extortionate”. There is a fear that efforts to attract businesses to poorer areas will have been in vein if they are now forced to move out or close down.
The rates which businesses pay are linked to property prices which goes some way to explain the large increase within North London boroughs.
