The Rating Advisory Panel of Westminster Council convened on Tuesday 18 June 2024 to discuss several key issues, including the proposed changes to business rates in the borough, the impact of these changes on local businesses, and the introduction of new support measures for small enterprises. The panel decided to move forward with the proposed changes, with some amendments based on feedback from local business owners.

Proposed Changes to Business Rates

The primary topic of discussion was the proposed changes to business rates within Westminster. The council aims to adjust the rates to better reflect the current economic climate and property values. The proposed changes include a revaluation of commercial properties and a revised rate multiplier. Councillor Paul Convery argued that the adjustments are necessary to ensure fairness and sustainability:

The revaluation is crucial to align business rates with the current market conditions, ensuring that businesses are taxed fairly based on their property values. - Councillor Paul Convery

However, some panel members expressed concerns about the potential financial burden on small businesses. To address these concerns, the panel decided to introduce a phased implementation plan, allowing businesses time to adjust to the new rates.

Impact on Local Businesses

The panel also discussed the potential impact of the new business rates on local businesses, particularly small enterprises. Representatives from the Westminster Business Improvement District (BID) highlighted that many small businesses are already struggling due to the economic downturn and increased operational costs. The panel acknowledged these challenges and agreed to monitor the impact closely, with regular reviews and consultations with business owners.

Support Measures for Small Enterprises

In response to the concerns raised, the panel proposed several support measures aimed at helping small businesses cope with the new rates. These measures include:

• A temporary relief scheme for businesses with a rateable value below a certain threshold.
• Grants and subsidies for businesses that demonstrate significant financial hardship.
• Advisory services to help businesses navigate the new rates and identify potential savings.

Councillor Paul Convery emphasised the council's commitment to supporting local businesses:

We recognise the vital role small businesses play in our community and economy. These support measures are designed to ensure they can continue to thrive despite the changes in business rates. - Councillor Paul Convery

The panel agreed to finalise the details of these support measures and communicate them to the affected businesses in the coming weeks.

For more details, you can refer to the Agenda frontsheet 18th-Jun-2024 10.15 Rating Advisory Panel and the Public reports pack 18th-Jun-2024 10.15 Rating Advisory Panel.