Theresa May promises 'relief' for small businesses, stops short of cash pledge
British Prime Minister Theresa May has reassured business affected by rates rises related to property valuations that there will be "appropriate relief" given to those worst hit, but would not promise any cash to aid those struggling.
During PMQs in the House of Commons on Wednesday, May was responding to a statement from several firms which said that regular revaluations of property prices and taxes would place unnecessary strain on small companies.
May said that it was justified that business rates match the value of rental properties over time, but also said that her government would be available to support small businesses.
"Business rates of course are based on the rental values of properties. The rental values of properties do change over time – they go up and down. It's right that rates change to recognise that."
"We also, though, want to support businesses, and recognise that for some business rates will go up when these revaluations take place – that's why we've put significant funding in place for transitional relief...I've asked the Chancellor and the communities secretary to make sure there is appropriate relief in these hardest cases."
Despite May's vague promise to support the small businesses affected by the rate rise, a spokesperson for Downing Street later denied that any extra funding would be provided.
The government faced questions in Parliament on Wednesday related to the rise of property prices and its effect on businesses.
"For businesses whose properties have increased disproportionately in value over the last seven years, the increases may be painful," Conservative MP Andrew Tyrie wrote to Chancellor Philip Hammond on the issue.