Rate hike hits small firms

Much-needed business-rates relief still isn’t getting through to small- and medium-sized enterprises, says David Prosser.

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SMEs may be sailing into difficult waters
(Image credit: George Clerk)

Much-needed business-rates relief still isn't getting through to small- and medium-sized enterprises (SMEs), despite a government fund announced in March to help cope with the cost of higher rates. The £300m fund was announced in the budget by Chancellor Philip Hammond, following angry complaints from MPs that SMEs around the UK faced huge increases in their business-rates bills, following a revaluation of business property values in April. But while the revaluation went ahead as planned, most SMEs potentially eligible for help have yet to receive any money.

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David Prosser
Business Columnist

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.