Budget 2018: Good News for High Street Heroes?

By smei

Posted 30/10/18

Chancellor of the Exchequer, Phillip Hammond’s Budget 2018 contains a piece of potentially good news for UK retailers, and particularly the independent stores that are doing so much to rejuvenate our high streets [1].

Flourish  Flourish Customers

Mr Hammond has announced a £1.55 billion package of rate relief and high street investment, all designed to help high street stores thrive, not just survive [2].

The package will include a £900 million investment in business rate relief, and high street retailers whose business premises have a rateable value of £51,000 will qualify.  According to the Treasury, the rate relief could knock a third off qualifying businesses rates bills.  The Treasury also suggests that up to 90% of small high street businesses could benefit [3].

The remaining £650 million has been set aside for investment in rejuvenating high streets and transport links, under the banner of the Future High Streets Fund [4].

While it remains to be seen what the impact of these funding announcements will be, let’s not forget that one of the driving forces behind high street rejuvenation to date has been the independent retailers themselves.

These “High Street Heroes”, from fashion stores, barber shops, and bookshops, to cafés, bars, and restaurants have shown real commitment to their local high streets – and a creativity and drive that has helped them to succeed.

According to our own research, carried out as part of our “High Street Heroes” campaign, their commitment is being rewarded by local people, who told us they visit high streets to frequent quirky and unique stores, and to support local businesses.

All this is exactly why we launched our campaign.  We are committed to supporting independent high street businesses. We want to champion those making a real difference to local communities and help to make their high streets places to shop and socialise again after enduring such a tough trading period over recent years. Read more about our "High Street Heroes".

So, let’s hope that the Chancellor’s announcement is indeed good news for our "High Street Heroes". They deserve all the help they can get as they work so hard to succeed.

For our part, smei has been supporting local businesses since 2002. We’ve been helping to protect them, and to give them peace of mind that allows them to do what they do best most – run their businesses. We do this by delivering the right business insurance for the UK’s high street shops and small businesses, easily and without fuss, at a competitive price.

 

Sources

[1] https://www.bbc.co.uk/news/business-45998550

[2] https://www.bbc.co.uk/news/business-45998550

[3] https://www.bbc.co.uk/news/business-45998550

[4] https://www.bbc.co.uk/news/business-45998550

Posted 30/10/18

Author: smei

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