A jeweller in Hatton Garden says businesses are struggling after the council imposed new rates. Some long-established shops in the Holborn area have already closed due to tax hikes on rent. Antique jeweller Max Ullman says Camden Council is to blame.
Councillor Theo Blackwell, Cabinet member for finance, technology and growth at Camden Council said,
"The Government has hiked up rates for Hatton Garden businesses by 17-point-8 per cent this year. The Council has no control over the level of these rates, but lobbied against such a huge rise. The Business Improvement District, backed by three quarters of Hatton Garden businesses that had their say, will save local businesses money by striking collective deals for energy and recycling.
A small investment now of an agreed one per cent of rateable value per annum will result in investment of 2-point-5 million pounds over the BID's 5 year term."