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Budget comment: Business rate recalculation

Posted: 22/11/17 by Opus Energy Limited

Following the Chancellor’s Budget announcement that the switch from using RPI to calculate business rates to CPI will be brought forward, here’s what Northampton-based energy supplier, Opus Energy had to say.

Nikki Flanders, chief operations officer, Opus Energy said: “I welcome the Chancellor’s decision to bring forward the switch from using RPI to calculate business rates to CPI. With SMEs contributing 47% of all UK private sector turnover in 2016, we need to be giving entrepreneurs more incentives to start, develop, innovate and grow their own businesses. Considering that many smaller business already struggle with costs such as recruitment and logistics, penalising them with higher rates would be incredibly counter-intuitive.

“The decision to extend funding for Growth Hubs is also a positive step for SMEs across England. With 67,000 small businesses already engaging and utilising the hubs since formation, the funding extension is imperative to support growth and enable shared best practice among those that need it most.

“However, what our smaller businesses need now, is more clarity on what the UK will look like post-Brexit. With the date that we will leave the European Union confirmed to be the 29th March 2019, we need all the clarity possible to ensure that the UK’s SME community continues to thrive.”

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