Businesses in the Square Mile are being urged to take advantage of measures announced in the Budget to support them through the COVID-19 pandemic, with the City of London Corporation pledging to support firms struggling as a result of the current outbreak.

The Chancellor announced a number of changes in the Budget on Wednesday designed to help small and medium enterprises (SMEs) in particular, including some that directly impact on business rates.

The City Corporation is awaiting confirmation from central Government on exactly how the reliefs will be applied. However, the following additional assistance has been announced:

• An increase to the planned rates discount for pubs from £1,000 to £5,000 for 2020
• A 100% reduction in 2020/21 for businesses in the retail, leisure and hospitality sectors where they have a rateable value below £51,000
• Cash grants of £3,000 to very small businesses with rateable values below £15,000

As a result of these exceptional measures some qualifying businesses or organisations may receive a bill that will require an update for the 2020/21 financial year.

The City Corporation will contact all those likely to be affected by these changes once the exact details of how the reliefs are to be applied is known. Any businesses affected or with queries about their rates should contact businessrates@cityoflondon.gov.uk

Catherine McGuinness, Policy Chair at the City of London Corporation, said:

“We recognise that businesses based in the Square Mile are facing difficult trading conditions as a result of the current outbreak. The Chancellor rightly set out steps to support households and businesses, particularly SMEs, in the Budget earlier this week. We will contact those businesses covered by these changes and urge those facing genuine hardship to get in touch.”

Jeremy Mayhew, Chairman of the City of London Corporation’s Finance Committee, said:

“In these testing times, it is vital that those businesses facing real difficulties are supported. The measures announced in the Budget were a positive step, particularly for SMEs. We will continue to work with businesses based in the Square Mile to offer as much support as possible.”

The City of London was home to 23,890 businesses in 2019, with 99% of these firms classified as SMEs. There were also around 1,000 new start-ups in the Square Mile last year.

Notes to editors

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk

London has always been a city of commerce and a city of food.  The City of London Corporation’s wholesale markets, Billingsgate, Smithfield and New Spitalfields, have been at its heart for centuries and have adapted to the City’s changing needs for generations.  The City Corporation now has an opportunity to bring all three markets together for the first time at Dagenham in the London Borough of Barking & Dagenham to ensure that they can continue to serve future generations.

We welcome your comments at this important moment for the markets to ensure the proposals reflect the needs of customers and stakeholders.  Give your opinion here.

Further Background

On 25 April, a decision was taken for the City Corporation to move ahead with a proposal to consolidate the three wholesale markets, to a new site at Dagenham Dock.

Following the decision, an initial public consultation to seek the views of a wider range of stakeholders on the principle of consolidating the markets, the City Corporation’s vision and the preferred option in Dagenham will launch today and will close on Tuesday 6 August 2019. A consultation portal dedicated to the consolidation of the markets is now live at www.cityoflondon.gov.uk/wholesalemarkets and stakeholders can submit a consultation response online.

In early July, The Museum of London will launch its public consultation on the latest new museum plans for West Smithfield ahead of submitting a planning application at the end of the year. The consultation will consist of two displays, one on site at London Wall and one on site in Catering Meats/Unit 307 at West Smithfield, showing the latest architectural visuals and the most recent plans for the museum.

If you are interested in finding out more about this project, you would be particularly welcome at a senior stakeholder drop-in session being held from 6.00pm to 9.00pm on 4 July in Smiths of Smithfield. The plans will be on show and it is an opportunity to meet the project and design teams.

We are delighted to announce that our distinguished Deputy, John Alfred Bennett, was awarded an MBE in the New Year‘s Honours List:

“Lately Chairman, Board of Governors, Guildhall School of Music and Drama. For services to the City of London and Education.”

We extend our sincere congratulations to him for recognition of his many years of civic work, moreover his recent work as Chief Commoner (see year in photos here).

Your members raising your concerns about pedestrianisation in Common Council:

ITEM 11 (ii)

Question to the Chairman of the Planning & Transportation Committee from Alderman Professor Michael Mainelli – Court of Common Council, 19 July 2018

“My Lord Mayor,

There have been a number of notable public realm improvements for pedestrians. 

I might point to the recent transformation of Aldgate Square, or the all-but-pedestrianisation and substantial improvement to Austin Friars in the finest ward in the City. 

I am conscious that there are more to come, e.g. St Mary Axe & Lime Street, Bishopsgate & Camomile Street, Houndsditch & Jubilee Gardens, Great St Helen’s Link, Creechurch Lane, and Leadenhall Street. 

In addition to direct pedestrian area improvements, your predecessor, Michael Welbank, introduced our informal policy of ‘Groundage’, enlarging the public realm by working with developers to increase pedestrian space by trading height for more ground level space. 

Do the Chairman and the Committee intend to continue this policy?

My Lord Mayor.”

Response by the Chairman of the Planning & Transportation Committee, Mr Christopher Hayward CC – Court of Common Council, 19 July 2018

“My Lord Mayor,

I thank the Honourable Member for giving me notice of his question which highlights the excellent work undertaken in recent years to improve and enhance the public realm across the City, not least as he rightly points out in the finest ward in the City!

The way in which we govern the City of London’s public realm is through the City of London Local Plan which seeks to maintain and improve the City’s characteristic dense network of streets and alleyways and to deliver significant public realm improvements to streets and open spaces which enhance pedestrian permeability, inclusivity and safety.  

Through the Plan we have been able to enhance existing upper level walkways and to encourage roof gardens and viewing galleries. This has led to the creation of new open spaces such as Aldgate Square, new spaces and City walkways at London Wall Place, and new public roof gardens such as at 20 Fenchurch Street and Fen Court. Many more are on the way.  Future employment growth and public transport improvements will stimulate further development activity and increased pedestrian flows in the City, improving our public space right now is therefore even more important, not least for public safety.   

We are currently reviewing our Local Plan to improve matters by encouraging building designs that include a wider range of public uses at street level and at higher levels such as roof top gardens and cafes.  This approach will seek to re-establish historic pedestrian routes, or to create new routes through and around buildings.

New tall buildings which have intensified site occupation significantly will need to be complemented by greater provision for public movement within and near the building. In conjunction with the development of the Local Plan, the City is currently consulting on a number of initiatives to create safer and more pleasant streets and a better connected Square Mile, these include the; Transport Strategy, Eastern Cluster Area Strategy, and the Road Danger Reduction and Active Travel Five Year Plan.

As I say, within the Eastern Cluster Area, that you reference in your question, consultation is underway on a strategy to enhance the streets and spaces within this growing area of the City to enable development, provide capacity for all users of the area, create an exceptional urban environment which is attractive, welcoming and vibrant. The recently reopened One London Wall Place is an example of best practice regarding the creation of a new public space and was recently praised by your Open Spaces and City Gardens Committee, who observed that this was an area which developers should seek to emulate, and I agree with them.

 We are also consulting on a Transport Strategy for the City. The proposed vision, aims and outcomes within this Strategy will summarise our aspirations for the Square Mile’s streets and how connections to the City should be improved.

Through the measures outlined, your Planning and Transportation Committee will continue to seek to improve the public realm to create a pleasant, attractive and safer Square Mile.

My Lord Mayor.”