Stamford High Street ‘thriving’ as local businesses receive extension on tax relief

Wednesday, 29 November 2023 11:40

Stamford High Street hosts many independent retailers who will benefit from the recent tax relief extension.

Local businesses, including many on Stamford’s High Street, have received a welcome shot in the arm as the Chancellor announced an extension to business rate relief in his Autumn statement.

Rutland’s MP has welcomed the Chancellor’s decision to extend 75% business rate relief for the retail, hospitality and leisure sectors beyond April 2024. Alicia Kearns signed a letter, along with other backbench MPs, calling for the extension. Last week the Chancellor of the Exchequer, in his Autumn statement, said the rate relief would be in place for at least another 12 months. The letter, signed by over 30 Conservative MPs, pointed to rising wage bills, energy costs and challenges in recruitment. Alicia says that these businesses are at the heart of our communities:

“This matters,” says Alicia “because, for example, a community pub [will] save around £12,800 – that’s what they won’t need to pay in business rates, so it really does make a difference. We have so many amazing pubs around our constituency let alone businesses that will be saved by this, or who will be able to make better investments….to keep our towns alive”

Despite the challenges facing many retailers and local businesses, Stamford’s shopping experience is in good health, says a group representing independent retailers in the town. Shop Stamford held a Christmas social last night and also launched their Christmas video on social media, saying it’s not just about the presents, it’s about the people too. Its creator, Matt Wheatley, who is on the Shop Stamford committee says the High Street is looking good:

“The High Street is thriving, we’ve got great new businesses coming in.” Matt told us, “From speaking to some of the business owners, there’s a positive feeling that those new businesses are strengthening the sector and the local environment, so you’re bringing shoppers in [to Stamford] as a destination. People are coming to Stamford purely to visit that range of shops.”

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