Bromley Council is helping out businesses who need a boost after increases in their business rates.

The Business Rates transitional relief scheme will see the council help around 2,600 businesses by reducing the amount they must pay over the next four years.

The scheme was agreed at last Wednesday’s council meeting of the Executive and will be implemented later this year.

Some local companies have been harmed by the Government’s 2017 business rate revaluation which saw a hike in rates.

Chancellor Philip Hammond has since offered £3m to help those businesses most affected by the rise in rates. It is this money that will be used to fund Bromley Council’s scheme.

Councillor Graham Arthur, Executive Councillor for Resources said: “We are grateful to businesses and other organisations who responded to our consultation which affirmed much of our original intentions.

“We are now pressing ahead to get the actual funding to the most affected businesses as soon as possible. To make this as easy as possible, we will be contacting businesses it appears might qualify so that they can then formally apply if they believe they fit the criteria.”

Relief for businesses is limited to all properties that have a Rateable Value of under £200k and who have suffered a loss (pre-Transitional Relief) of more than 12.5 per cent.

Businesses that are eligible will have a 25 per cent reduction in the additional amount to pay in the current financial year, tapering down to 0.7 per cent in year four.

Letters will be sent out by the council letting business owners know if they are eligible for the relief.