Nurseries, small businesses and hospitality are all set to benefit. The SNP’s proposals for supporting Scotland’s local economy following the Barclay Review plans to support nurseries, the hospitality sector and small businesses with the introduction of a new Business Growth Accelerator. The announcement follows the Review’s recommendations published three weeks ago.
The proposed Business Growth Accelerator will ensure all improved premises are freed from increases in their bills for the first 12 months and all new premises will not have to pay rates until they are occupied, or for the first year afterwards. The SNP Government announced further measures to stimulate the economy, boost transparency, tackle tax avoidance, as well as confirming that the new day nursery relief will be set at 100% and transitional relief for hospitality will continue. Commenting, SNP MSP Kenneth Gibson said:
“These substantial measures are good news for small businesses across Scotland. “Opposition parties were keen to make a lot of noise over revaluations earlier this year but this wide-ranging package proves it is the SNP Government that will work constructively and act to support our economy, with a further £80 million of rates support each year being added to the £660 million already delivered. “Setting the new day nursery relief at 100% and continuing transitional relief for the hospitality sector, will help grow our economy and support jobs.
“The new Business Growth Accelerator is very welcome news; assisting new businesses and encouraging improvements to business premises by freeing them from rates rises for 12 months, as well as freeing new premises from rates altogether until they are occupied, and for a year afterwards. “This is strong, decisive action from the SNP Scottish Government and we will continue to work to support our local economy and ensure that Scotland remains the best place in the UK to do business.”
On Tuesday 12 September during the Response to the Report of the Barclay Review of Non-Domestic Rates, I also asked Finance Secretary Derek Mackay a question regarding Scotland's future economic growth. Watch this and the full answer by following the link below: