High Street gets boost with Business Rate Relief in East Cambridgeshire
PUBLISHED: 15:35 26 March 2019 | UPDATED: 15:35 26 March 2019
A two-year scheme in East Cambridgeshire will see discretionary Business Rate Relief for shops with a rateable value below £51,000.
It means that eligible business ratepayers will receive a one third discount on their daily chargeable amount, which will run for two years from April 2019 to March 2021.
Cllr David Brown, chair of the resources and finance committee, said: “Having a vibrant and economically buoyant retail offering is the cornerstone of any community and we are committed to helping businesses to flourish.
“Business rate relief will help a significant number of businesses in East Cambridgeshire and will assist them in lightening some of the financial burden which comes with running a business.”
It comes as East Cambridgeshire District Council [ECDC] approved the awarding of discretionary Business Rate Relief at a meeting of the full council on February 21.
Bills to eligible businesses have been automatically reduced to reflect this discount, so businesses will be benefiting with immediate effect.
ECDC has also confirmed that it will be putting in an expression of interest for the Future High Streets Fund, a £675 million scheme announced by Central Government in December 2018.
It aims to help local leaders to implement bold new visions to transform their town centres and make them fit for the future.
Cllr Brown added: “This funding was announced by Government to help transform local high streets into modern vibrant community hubs. High Streets are such an integral part of community so we welcome this pot of money becoming available.”