In what is predicted to be the final annual budget before Brexit, Chancellor Philip Hammond delivered some positive news for SME’s, revealing that there would be a business rates freeze for 2019/2020. London-based SME, Live Innovations have welcomed the news.
With business rates being one of the most concerning issues for SME’s, event-marketing experts, Live Innovations welcomed the news that business rates would be effectively frozen for 2019/2020. The relief for 2019/20 means that business rates are effectively frozen for all businesses with a rateable value of £51,000 or less.
2018 has been a disastrous year for the high street as well-known stores fall like dominos. Many struggling companies are citing high business rates as one of the factors in their inability to operate. Live Innovations director, Tom Harris welcomed the news of the rates freeze. ‘Businesses are struggling to compete with online brands. This year has been one of the worst of record for the high street. That has a knock-on effect on employment and the local economy, and it’s about time the government tackled the issue to try and level the playing field,” commented Mr Harris.
The award-winning entrepreneur believes that despite continuing technological advantages and changing consumer habits, high street stores still have a very valuable service to offer. ‘People still crave human interactions, and in an age where consumer experience is more important than ever, face to face interactions is the most effective way to deliver outstanding customer experience,” continued Mr Harris.
As a firm that specialises in face-to-face sales, Live Innovations believe that in-person interactions are incredibly valuable and shouldn’t be underestimated because of technological advances.
Live Innovations also applauded the news that from April 2019, the national living wage will go up by 4.9%. ‘We are fortunate to operate in an industry where pay is performance-based. Unfortunately, many people work in an industry where their performance is irrelevant, and the top performing employee will be paid the same as the poorest performer,’ commented Mr Harris.
The award-winning entrepreneur joined the sales industry because he was excited by the opportunity to control his earnings. ‘Knowing that I had the power to control what I made, and I wasn’t capped was very enticing,’ concluded Mr Harris.
Live Innovations hope that the business rates freeze will see a revival to the high street and allow businesses to thrive.