John McDonnell, Rebecca Long-Bailey and other senior Labour politicians are joining forces with major business organisations to tackle the mounting business rates crisis.
The new rates are due to kick in on 1 April, but thousands of businesses are unsure whether they will be able to pay.
That's why we're putting pressure on the Government to provide emergency transitional relief for struggling businesses in the Spring Budget.
Our five point plan for business rates is intended to help businesses through this difficult period, and develop a system of business taxation that is fairer on businesses and local communities alike.
Labour’s Five Point Plan for Business Rates:
1. Set up an emergency transitional relief fund for businesses facing “cliff edge” increases in their rates, and revise the appeals process to ensure businesses get a swift and fair hearing.
2. Bring forward CPI indexation so that businesses aren’t paying more because of how inflation is measured.
3. Exclude new investment in plant and machinery from future business rates valuation.
4. Introduce more regular valuations in law to stop businesses facing periodic, unmanageable hikes.
5. Fundamental reform of the business rates system to ease the burden on traditional high streets and town centres in the age of online shopping; support the traditional fabric of our communities, including community pubs and incentivising free cash machines; and create a fairer system of business taxation.