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|Paul Kaye, Close Brothers Motor Finance comments on business rates measures|
|Thursday, 09 March 2017|
Paul Kaye, Sales and Marketing Director at Close Brothers Motor Finance, comments on the business rates measures announced in the Spring Budget: “We welcome the Chancellor’s announcement of a consultation on business rates, as well as £300m fund for local councils to offer discretionary relief. However, as it stands there are car dealers across the country still expecting to foot the bill of an average 16% increase, which could have a serious impact on their bottom line. The rate hike comes at a time when a higher national living wage and pension auto-enrolment have already significantly reduced the profitability of some dealers.
"We work with many car-dealerships across the country and we understand the challenges they face on a day-to-day basis. As research from our Dealer Satisfaction Survey has shown, the majority of car dealers are optimistic about their business prospects for the year ahead. We hope that the business rates hike won’t dampen this positive sentiment, and would advise any dealers adversely impacted to consider their options for appealing.”
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