RADICAL plans to scrap business rates would help Wokingham's high street, a senior Liberal Democrat has claimed.
Party spokesman Lord Chris Fox said if elected, they would get rid of rates and replace them with a landowner levy to free up businesses to grow without paying high taxes. Instead, the value of the land would be calculated, and paid by landlords.
The senior Lib Dem visited the town on Wednesday, June 19, to show support for Wokingham's Liberal Democrat candidate Clive Jones.
In an interview with The News, Lord Fox said it’s “not right” that business owners are “being taxed for growing your business”. By putting the taxation on the landlord rather than the tenant, Fox claims it would “change the way people look at investment in their business".
This comes after more than 1,000 businesses folded in Wokingham in 2022, according to the Office for National Statistics.
The Labour Party has also said it will replace business rates, but it is not clear what they would replace them with. The Conservatives pledged in their manifesto a business rates support package of £4.3 billion over the next five years.
Speaking about the changes happening to the town centre, Lord Fox said: “Here in Wokingham, you’ve got a great economy compared to many, but it’s got its challenges. It’s got shops that it needs people to come in.”
Half of the UK’s economy comes from small and medium sized businesses, meaning supporting them to grow is essential for the wider country, according to Fox. But he noted that highstreets like Wokingham’s is constantly needing to adapt to change.
As well as scrapping business rates, the Liberal Democrats want to address the “huge shortage” of skilled workers, as well as tackling late payments.
Lord Fox praised Clive Jones, for his experience working in business – where he had a successful career in the toy manufacturing industry before entering politics.
He said: “There’s virtually no one in the House of Commons who’s had a business career like Clive, and we need people at a legislative level as well as a local champion level to be able to understand these issues.
“To be able to look them [businesses] in the eye and actually understand what they’re doing, that’s why I’m here to support Clive."
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