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Bexley MP welcomes Autumn Statement business relief

PUBLISHED: 10:13 08 December 2014 | UPDATED: 10:13 08 December 2014

James Brokenshire in the houses of Parliament, Westminster (photo: Arnaud Stephenson)

James Brokenshire in the houses of Parliament, Westminster (photo: Arnaud Stephenson)

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James Brokenshire said he was happy the Autumn Statement would support small businesses

Old Bexley and Sidcup MP, James Brokenshire, has welcomed the additional help for small businesses the chancellor’s Autumn Statement.

During the Autumn Statement, the chancellor, George Osborne, announced that he would support small firms by increasing the discount on business rates for smaller properties from £1,000 to £1,500, doubling Small Business Rate Relief for a further year, ensuring that 380,000 of the smallest businesses pay no rates at all and capping the annual increase in business rates at 2 per cent until March 2016.

The Chancellor has also promised a landmark review into business rates to ensure that high street businesses can compete with their online rivals, who often do not have to pay business rates.

Mr Brokenshire said that he welcomed the boost, reminding residents to shop local.

He said: “With Christmas fast approaching, it is the perfect time to visit local shops in Sidcup, Bexley, Blackfen and Welling for gift ideas and to celebrate the important role small business plays in our community.”

“That’s why I welcome the additional boost to local firms the chancellor’s statement provides. This Government is backing small businesses up and down the country by cutting red tape, bureaucracy and taxes, enabling them to prosper, create jobs and help our economy on the road to recovery as part of our long term economic plan.”

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