CVS budget reaction

Mark Rigby, CEO of CVS

The Rochdale born Secretary of State, Sajid Javid, met with CVS business rent and rates specialists last week at the House of Commons for talks aimed at defusing the business rates crisis, ahead of the last Spring Budget.

Mark Rigby, Chief Executive of CVS, said immediately after the Budget: “Our three requests to the Secretary of State were to help those 25,000 small firms exiting small business rate relief after seven years and provide protection which the current transitional relief scheme failed to do.

“We specifically asked for discounts to rates bills for pubs - who have seen their numbers fall by over 11,000 during the current tax regime - and, finally, we asked for targeted relief to be made available for those businesses most in need and experiencing significant hikes.

“Those demands have been met in full and both the Chancellor and Secretary of State should be congratulated on listening to the concerns of small business but, more importantly, acting upon those concerns with meaningful financial help."

In terms of longer term reform of the business rates system, Rigby added: "Looking ahead, given the issues highlighted by my firm with the tax reductions for large, online giant distribution centres, and the dismay and deep concern that this has caused for shops and pubs, meaningful discussions must be had around the tax system to ensure that it is fit for [the] purpose for the 21st century economy. I welcome the commitment from both the Chancellor and Secretary of State in this regard.”