Ipswich Council rejects a proposal to allocate business rates for tax relief, impacting 240 local businesses.
Ian Fisher wanted to change the plan. He wanted to use business rates money, giving 240 businesses tax relief. The relief helps hospitality, retail, and leisure. These businesses face a tax relief reduction, going from 75% to 40%.
Neil MacDonald and Liberal Democrats voted no. The business owners left in protest.
Fisher said his plan keeps enough money in reserve.
He said the change impacts 240 town businesses. Rising costs and less foot traffic hurt these businesses. He said they have lots of money saved. This plan uses only a small part. It helps businesses a lot, he stated.
The public gallery applauded Fisher’s speech. This included a local business owner. Fisher knows this is only a short-term fix. Shops outside the center will not benefit. He thinks it can help the town’s economy. It may keep town center businesses open.
Martin Cook called it a gimmick. He said it takes from reserves. It offers no “real investment”. Cook said it gives each business little money per day. It’s only about £3.49.
MacDonald likened the plan to Liz Truss’s budget. He said saving money is important. He wants other ways to raise money. He opposes taking from earmarked funds.
Oliver Holmes agreed with MacDonald. He said it goes against expert advice. Using reserves could cause issues next year. Reserves may only rise by year four. The government might change business rates soon. He doubts reserves will support this change.