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Derby’s Business Improvement Districts support #BusinessSOS to save Britain’s High Streets

Derby’s Business Improvement Districts support #BusinessSOS to save Britain’s High Streets

Derby’s Cathedral Quarter and St Peters Quarter Business Improvement Districts (BIDs) joined forces with BIDs across the country to support  a newly formed #BusinessSOS campaign, representing over 150,000 retail, leisure, hospitality businesses in a campaign to save high streets across the UK.

#BusinessSOS seeks to support ailing businesses at a time when the spiralling energy crisis superseding the pandemic with the potential to cause irreversible damage to UK high streets and the economy.

On being part of the campaign, Brad Worley, Business Improvement District (BID) Manager for Derby’s Cathedral Quarter and St Peters Quarter BIDs said,

“Representing so many businesses here in the heart of our City, many of whom are still recovering from the challenges of the last two years, we are only too aware of the irredeemable, terminal impact that the further, unprecedented blow of exponential energy price hikes could have on the life of our city centre. Without rapid, focussed, and far-reaching action from Government in support of all our forgotten local businesses across retail, hospitality and offices, it could mean the death of city centres.”

Following the statement on Monday 17th October by the new Chancellor, Jeremy Hunt, the founder of #BusinessSOS, Matthew Sims from Croydon BID, explained:

“There is no question that the UK economy requires confidence and stability. The statement provided this morning by the Chancellor will go some way to reassuring over 150,000 retail, leisure and hospitality businesses who are facing the daily dilemma of closure, triggering mass unemployment, which will only accelerate the threat of recession.

Clarity is still needed on how the Government plans to define the ‘most affected businesses’ when the Treasury reviews future energy support measures. It is vital that the needs of high street businesses are taken into account to ensure over 150,000 businesses do not fall through the cracks once again.

Our economy needs high street businesses to be on an equal footing with larger businesses, and we believe our measures must be explored by the Government ahead of the planned fiscal announcement later this month.”

#BusinessSOS has a three-point plan to support ailing businesses:

  1. Headline rate reduced from 20% to 12.5%
  2. Business energy bills reduced from 20% to 5% to match domestic billing
  3. 100% business rate relief until 31st March 2023

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