A LABOUR councillor has criticised a 5.7 per cent increase in Business Rates.
Cllr John McCabe, of Somercotes, described the increase in the multiplier - the figure used to multiply the rateable value of the property to calculate the bill - from 0.433 to 0.458 as disappointing’
He said: “There are already shops closing down in Alfreton and Ripley. This will have a knock-on effect. They say we’re all in it together - but we’re not.”
Council leader Cllr Stuart Bradford, said: “Obviously it will have an impact. But lots of shop premises do benefit from rate relief. That’s something we support to stimulate more trade.”
Business rates currently go straight to the Treasury before being redistributed through a funding formula which takes into account differences in wealth. The Government sets the multiplier.