Blackpool announces business rates reduction

Blackpool is bidding to become a prime location for business growth and investment by reducing its business rates.

The cheaper rates, in addition to a thriving Enterprise Zone and a new £100m investment pot, will allow new and existing companies to make the most of the resort’s prime location and facilities, bringing more jobs and wealth to the local area.

Changes to rateable values for Blackpool businesses mean that companies could save thousands of pounds on their expenses by moving their operations to Blackpool. Retail stores and offices are set to benefit the most following the new revaluations by the Valuation Office Agency (VOA), which come into force on 1 April.

Some businesses will also be able to escape paying business rates whatsoever, as approximately 3,000 Blackpool companies with a rateable value of under £12,000 are exempt completely, with businesses valued between £12,000 and £15,000 also eligible for discounted rates.

The Enterprise Zone, which has created 400 jobs in its first nine months, has over 170,000 square foot of development under way in the next year, making it the ideal spot for new and existing businesses to set up.

The fund will allow local businesses to benefit from large infrastructure or job creating loans at competitive rates, with an earlier loan fund scheme already helping create almost 400 new jobs in the town.

He said: “The next five years of entrepreneurship promises to be extremely exciting for Blackpool – the incentives for businesses have never been better than they are right now.

“For thousands of Blackpool businesses, the revaluation of business rates means that they will have more spare money to spend on investing and growing their company. That could equate to thousands of pounds spent on hiring new workers, expanding their offices or investing in new machinery to take on extra work.

“Not only can the running costs in Blackpool be smaller, but the proximity to large economic centres like Manchester and Liverpool means businesses really can get both reduced overheads and increased trade.