Eighty Enfield businesses to benefit from new Crossrail levy (From Enfield Independent)

Eighty Enfield businesses to benefit from new Crossrail levy

12:20pm Monday 8th February 2010

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AT least 80 Enfield businesses will benefit from the higher threshold for Crossrail business rates, according to the council finance chief.

Mayor of London Boris Johnson originally proposed a two per cent charge on all businesses with a rateable value above £50,000, but last week the threshold was raised to £55,000.

The move followed pressure by Councillor Ertan Hurer, cabinet member for finance and resources, who argued outer London businesses would gain less from the project than those in central London.

Cllr Hurer said: “It is heartening to hear our concerns over Crossrail funding have been listened to by the mayor.

"Although it is not everything we wanted, the raising of the levy threshold is certainly welcome and will help many businesses in Enfield and north London.”

He added: “This is no small victory. We believe this will help at least 80 businesses in Enfield.”

Mr Johnson said raising the rateable threshold from £50,000 to £55,000 would exempt an extra 4,000 businesses, including schools and not-for-profit organisations.

He hopes to raise £4.1 billion from the levy for the £16bn project.

Mr Johnson said: "I understand that in these difficult times the additional business rate will be a greater burden to our smaller businesses.

"Our final proposals now set the right balance by exempting a further 4,000 of those firms that initially faced a disproportionate burden to those larger organisations in the centre, the West End and the financial districts.

"These will benefit significantly from Crossrail and should therefore pay the greatest share of the construction costs."

Crossrail will link Maidenhead in Berkshire to Shenfield in Essex, running through central London.

The route, when operational from 2017, will also include a link to Heathrow airport.

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