Sadiq Khan says business rates concessions 'do not go far enough'

JOnathan Prynn
Mayor of London Sadiq Khan speaks at the Asian Business Awards: PA

Sadiq Khan has warned that concessions on business rates granted in the Budget do “not go far enough” and that many London businesses will fail as a result.

The Mayor said he would maintain pressure on ministers to make it easier for entrepreneurs to set up and grow businesses.

His comments came after Chancellor Philip Hammond announced £435 million of measures to ease the burden on businesses when new valuations come into force next month.

But Mr Khan said: “I have warned the Government of the devastating impact rising rates will have on London’s business community.

"While I am pleased that the Chancellor addressed some of these concerns in the Budget, the measures that he announced did not go far enough and the fact is that many London businesses could be forced to close for good as a result.

“I will continue to push home the message to ministers that businesses need to be given the incentive to grow.”

Speaking ahead of the Asian Business Awards last Friday, he praised the “huge” contribution to London made by “one of largest and most diverse Asian communities in the world”.

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