The London Borough of Merton invites business ratepayers to its annual Budget Consultation Meeting on Monday, 3 February 2025, at 6pm. This event will take place virtually on Teams and in person at the Merton Civic Centre, offering businesses the opportunity to provide input on critical matters affecting the borough’s budget and business rates.
Recent years have seen concerns raised nationally about how the business rates system impacts investment and fails to respond quickly to economic shifts. In response, the government has announced reforms, including:
- Lower multipliers for retail, hospitality, and leisure (RHL) properties with a rateable value (RV) under £500,000, starting in 2026.
- Interim relief providing 40% off business rates bills up to £110,000 per business for RHL properties until the permanent multiplier is introduced.
- A higher multiplier for properties with RVs above £500,000, ensuring sustainable funding for these changes.
Business rates remain a vital revenue source for local government. The Council will discuss the government’s draft legislation to implement permanent rate reductions and its impact on local services and funding.
Additionally, the Council will present its Business Plan 2025-29, budget for 2025/26, and Medium Term Financial Strategy. Businesses will have the opportunity to discuss these plans with Councillor Ross Garrod, Leader of the Council, and senior officers.
To participate, confirm your attendance by Friday, 31 January, by filling out and sending the form below to elaine.connaughton@merton.gov.uk. Don’t miss this chance to have your voice heard and shape the future of business in Merton.