Steven Medway, CEO, Knightsbridge Partnership said,

“This budget fails to introduce measures businesses in Knightsbridge need to grow. From an increase in NI contributions for employers to the absence of any mention on reintroducing tax free shopping, even a call for evidence, is extremely disappointing and we will continue to champion this key issue as part of our advocacy programme on behalf of our members. The need for a government review of business rates reform is now sharply in focus for our members as many businesses across Knightsbridge fall outside of eligibility criteria for business rates relief. The government missed the opportunity to show it understands the pressures and priorities of businesses, the consequences of which will only hinder growth, not fuel it.”

Championing your priorities:

• Business Rates Discount: Reduced from 75% to 40% (capped at £110,000) for retail, hospitality, and leisure sectors, effective from April 2025.

We will continue to champion the need for business rates reform through our wider advocacy programme with the Westminster BIDs

• Tax-Free Shopping: No commitment to reintroduce tax-free shopping.

Together with Walpole and New West End Company and others, we believe London needs a properly funded tourism strategy, with the reintroduction of tax free shopping part of a series of measures needed to increase inbound visitors and in turn grow the economy.   

• Shoplifting Immunity: Effective immunity for low-value shoplifting scrapped, with additional funding for tackling organised gangs targeting retailers.

Preventing retail crime and shoplifting plays a significant part of our work across the King’s Road. We welcome this measure and look forward to delivering the joint Crime Summit with our local MPs in early 2025.    

• Employer National Insurance: A 1.2% increase to 15% from April 2025, with the payment threshold dropping from £9,100 to £5,000, expected to generate £25 billion.

We understand the significance of this measure for our businesses, and we are exploring HR support we can provide to members to help navigate this and other key changes affecting employment.

To read the Budget in full, click here.