Lamb’s Conduit Street laughs with the Chancellor

29 October 2018

Phillip Hammond the Chancellor of the Exchequer found time in his budget to laugh at the exemptions he gave to public toilets, but in reality, the laugh is with primarily independent retailers with Rateable Values under £51,000 who get relief on their business rates bills by a third for two years.

Looking at the Midtown area with its shopping streets being full of local successful independent retailers such as Lamb’s Conduit Street and Exmouth Market, these retailers will be the key beneficiaries in Central London. The amount of Shop hereditaments that will potentially qualify for this relief are as follows:

Street                                   Qualifying Units

Great Queen St                               100%

Exmouth market                               96%

Lamb’s Conduit Street                     95%

Fleet Street                                      34%

Strand                                              12%

High Holborn                                     6%

David McCausland, Head of Business Rates at Farebrother commented that the Budget was “an opportunity missed to reduce the near 50% Uniform Business Rate, which was a much fairer 35% in 1990/91, and scrap downward transition which stops many commercial properties from being revalued until 2021. However, Midtown retailers will have the last laugh as savings of up to £8,000 per annum will potentially be available to them. This will continue the strength of these locations as vibrant independent successful retailing locations.”