Pioneering proposals to place Haringey at the heart of London’s growing economy by offering business rates discounts to fledgling and expanding firms have been unveiled.
Consultation opens today (Thursday 12 November) on a modern business rates relief policy geared towards removing barriers to new businesses investing in Haringey, creating new jobs for local people and supporting the local economy.
If the plans go ahead, Haringey will become one of the first boroughs in London to introduce a business rates relief scheme that directly supports business looking to set up in new and converted office and workspace – from creative and tech industries to ICT.
Business rates (also known as non-domestic rates) are a tax on organisations and companies that use a building for work purposes – including shops, offices, warehouses, hotels, factories and some community facilities.
Local councils can offer business rate discounts to attract investment, help local organisations and support businesses. Haringey’s existing business rates relief policy was agreed in 1990 and is in need of an overhaul to keep pace with current demands.
New proposals include:
- Introducing a three-year 30 percent relief scheme for new and converted work spaces, to encourage more start-up and creative industry and boost employment in Haringey
- Offering business rates relief to organisations hoping to run temporary activities, such as pop-up markets and retail units, at regeneration sites
- Updating the existing policy on discounts to voluntary, charity and community groups to ensure it is fair and supports those that most benefit local communities
The proposed changes also come as the government confirmed councils will be able to keep a greater share of the business rates they collect.
Cllr Joe Goldberg, Cabinet Member for Economic Development, Social Inclusion and Sustainability, said:
“We’re ambitious about Haringey’s future and determined to ensure our borough becomes a byword for creativity, innovation and industry in London. We want to support organisations that bring real benefits to our borough and remove barriers to those businesses keen to set-up here.
“Our proposals will ensure we can be confident that we’re doing all we can to help our residents; back organisations that contribute to the community; support start-up firms, and make Haringey a place where new companies succeed – bringing job opportunities and boosting the local economy.”
Cllr Jason Arthur, Cabinet Member for Finance, said:
“Changing our business rates relief to better support a growing economy in Haringey will ultimately boost the council’s long-term income – growing the borough’s business base, encouraging additional investment and giving us more money to invest in local services for residents.”
The consultation runs until 28 January 2016. Find out further information and take part online.