South: Hampshire Trust Bank comments on devolution of business rates

Mark Sismey-Durrant, chief executive officer at Hampshire Trust Bank, commented on the devolution of business rate setting to local councils.

He said: “The new power handed to councils enabling them to set local business rates should boost regional economic prosperity, as councils will now have responsibility for creating thriving local environments for growth.

"However, with greater power comes greater responsibility. Any potential business rate rises need to be carefully considered in how these could impact the thousands of SMEs which operate across the country. The UK’s smallest businesses need less red tape in order to grow and prosper and therefore we hope to see local councils look to support smaller businesses when making future decisions on business rates.”