Originally written by Anna Jordan on Small Business
As Theresa May prepares to step down as Prime Minister, two MPs have come out in support of small businesses in their bids to succeed her as the Conservative leader.
Health Secretary Matt Hancock is pledging to save the high street by scrapping business rates. The £1.5 billion-a-year pledge would exempt hundreds of thousands of businesses from the hated tax. He would also introduce an Amazon Tax for social media platforms, internet marketplaces and search engines. The tax was first mentioned in last year’s Budget.
“I would end business rates for small businesses on high streets altogether, and I would pay for it by an increase in the new digital services tax,” Hancock told the Daily Telegraph.
He added that he would access cash from the £26 million Brexit buffer set aside by Philip Hammond as well.
Hancock’s business rates proposal is part of a wider economic policy including a rise in the National Living Wage to £10.21 by 2022.
Rival candidate, Sam Gyimah, has also said that he will reform business rates, replacing it with a commercial land tax. It’ll be one of five tax reforms to stimulate economic growth. In addition, he would make the tax