Shadow Business Secretary Rebecca Long-Bailey today launched Labour’s new plan to support struggling high streets – including proposals to introduce annual revaluations of business rates.
In response, Andrew Carter, Chief Executive of the think tank Centre for Cities, said:
“We’ve long called for business rates to be revaluated on an annual basis, so it’s great that Labour is backing this idea. Annual revaluations would ensure businesses can avoid the dramatic hikes in rates they’ve seen in recent years, and would also give local authorities more certainty over their finances.
“The Shadow Business Secretary is also right to highlight the need to repurpose empty shops for other uses such as community spaces. Making our high streets places where people can live, work and play will be crucial in breathing new life into them.
“For Labour’s plan to be a success, it also needs to focus on bringing more high paying jobs and firms to our town and city centres in a wide range of industries. This will be critical in transforming the fortunes of struggling high streets.”
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