What we are doing to help Streatham businesses
In light of the mounting challenges businesses face with the cost of living and trading crisis, we are lobbying for enhanced support including a joint letter with other Lambeth BIDs as we did during the pandemic, highlighting key challenges and the action we’d like to see in response.
At a local level we have recommended that Lambeth Council introduce a business rates discount scheme to match the cost of living package they are putting forward for residents. At a national level VAT reduction, energy caps and grants for sectors most hit.
We are also working alongside Croydon BID and over 150 other BIDs across the UK, the Association of Town and City Management, British BIDs, BID Foundation and many others, to highlight the need to put forward solutions for our members.
The #BusinessSOS campaign warns of mass closure and redundancies if immediate and effective action isn’t taken.
#BusinessSOS three-point-plan to support ailing businesses:
Reduce VAT
- Headline rate reduced from 20% to 12.5%
- Business energy bills reduced from 20% to 5% to match domestic billing
Business Rates Relief
- 100% rate relief until 31st March 2023
Energy Rate Relief
- A discounted kwh price on all business energy bills
We will keep our members updated on the outcomes.
