Labour’s Chuka Umunna promises to slash taxes for 7,000 Lambeth businesses

Thousands of Lambeth businesses could be treated to a business rate tax cut if Labour are elected next week, promised shadow business secretary Chuka Umunna.

The manifesto promise could benefit 7,000 Lambeth small businesses in Streatham, the seat Mr Umunna is hoping to regain on May 7.

The Labour Party announced they will cut or freeze business rates on 1.5million small businesses with a rateable value of less than £50,000, instead of cutting Corporation Tax for larger firms.

Mr Umunna said: “Since being elected as our local MP in 2010 I have done all I can to support our High Road and local businesses – doing so has been one of my top priorities.

“If Labour gets elected, we’ll have a government that can build on our local campaigning successes and will put Streatham, Brixton, Clapham and the whole of Lambeth first with a tax cut for around 7000 Lambeth business premises.

“No other party has matched this commitment.”

Mr Umunna hit back at a letter from 5,000 small companies this week that offered their support to the Conservatives, saying his opponents had ‘let down’ small businesses.

Streatham’s Green Party candidate, Jonathan Bartley, said: “Labour cannot claim to be on the side of small business while it continues to favour the big chain stores who are driving independent traders off our high roads.

“As long as Labour continues its love affair with big business and gives large corporations huge tax breaks, small business will struggle to compete.

“The Green Party proposes an increase in corporation tax for big business, while allowing local authorities to cut business rates.  This will give the targeted help that small businesses desperately need.”

Lib Dem candidate, Amna Ahmad, said: “Labour plans to cut business rates are uncosted.

“As with many of their pledges they have not told us how they will pay for them. This is a concern. We need a sustainable economic recovery to build on what has been achieved in the last five years.

“Small businesses – such as those in Streatham – are at the heart of the Liberal Democrat pledge to make the UK the biggest economy in Europe in the next Parliament.

“During the Coalition Government, Danny Alexander announced a review of business rates and we provided help to businesses and young people to take up apprenticeships.

“Liberal Democrats want small businesses exempt from EU legislation where possible so that we can stay in Europe and make sure it works for us.”

Picture courtesy of the Labour Party, with thanks

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