Budget offers stability and hope for business owners

The recent Budget statement, delivered by the first ever female Chancellor, provided many welcome announcements for businesses in Southwark. From rewarding the campaign for business rates relief for the hospitality sector, to money off beer (cheers!), the Budget has provided stability and begun the turn-around of the UK economy after 14 years of stagnation and decay under the Tories (five in coalition with the Lib Dems).

The Budget pledged to reinvigorate the high street, which I know will be welcomed across our borough. By introducing a higher multiplier for the most valuable properties, including distribution (or ‘fulfilment’) warehouses used by online platforms, the

Chancellor has ensured that the retail, hospitality and leisure sectors will enjoy lower tax rates. This comes on top of a 40% relief for the same sectors, up to a cap of £110,000 per business, and the freezing of the small business multiplier for next year. One third of business properties will also continue to pay no business rates because of Small Business Rates Relief. I hope these measures are a breath of fresh air for firms who feel like they have been swimming against the tide for too long. I want employers to know we have a pro-business Government again but am keen to hear your views and always happy to hear from constituency employers.

Another welcome piece of news is the announcement that HS2 will go all the way to Euston after the mess the last Government made of the project. Byrne Bros are based in Borough and are a key contractor for HS2 here in the capital. Their work was jeopardised by the previous Government who made HS2 a laughing stock internationally when the Manchester to London rail was cut from reaching both cities. HS2 will now benefit the whole country by taking freight off the roads as well as cutting journey times. Taking this project back to

Euston will be a good thing for London businesses, but we have other transport infrastructure we still need in South London, including the Bakerloo Line extension down the Old Kent Road to Lewisham which is a priority for me and I know for local people and businesses.

We are fast approaching Christmas and I hope that we see some more festive cheer this year with more confidence shopping locally and celebrating our wonderful nighttime economy and hospitality in Southwark. I’m working with Southwark police on some antisocial behaviour issues affecting Borough High Street and the Government is bringing forward measures to bolster safety and security that I am working with local firms on, including Mitie who are based in SE1. I hope people are also learning about the ‘wild west’ risks of online shopping, with dangerous and counterfeit products sold openly. Southwark is home to ‘Electrical Safety First’ and the London Fire Brigade who I am working with on campaigns to tackle the problem. I have suggested amending the law to help ensure that next Christmas is safer and even more enjoyable for everyone. Stay safe in the meantime and Merry Christmas!

We are fast approaching Christmas and I hope that we see some more festive cheer this year with more confidence shopping locally and celebrating our wonderful night-time economy and hospitality in Southwark.