April promises to be a costly month for businesses in Grimsby and Cleethorpes, as they grapple with increasing National Insurance, wages, energy costs and a significant tax change. For many businesses operating in the hospitality, retail and leisure sectors, business rates have been heavily discounted since the pandemic, offering a 75% reduction since November 2023. However, this new financial year sees this relief drop to 40%, causing a stir among local businesses.
In Grimsby’s Abbeygate, wedding boutique Proposals voiced concerns over their business rates more than doubling, forcing them to reconsider their plans and avoid passing costs onto customers. The same sentiment was echoed by Tredici, a local pizzeria, who have had to restrict their operations due to the rates increase.
Further concerns arise in Market Street, Cleethorpes, where businesses are apprehensive about the planned changes to Market Place as part of a council-led regeneration, funded by the Levelling Up Fund. These plans will see the square’s car park removed, causing worry among local retailers.
Despite the rising costs and tough economic climate, many local businesses remain hopeful. Jane Halliday of Betty McKenzie’s, a local clothes shop, expresses the sentiment that local residents are conscious of where they spend their money and do like to shop local. The manager of another nearby clothes shop, who wished to remain anonymous, echoed this sentiment, stating ‘it’s getting harder and harder, but we’re hoping because we’ve got a name that’s well established, we can continue.’
In light of the steep rise in business rates, local businesses are urging residents of Grimsby and Cleethorpes to continue supporting them. Their message to locals is clear – stay as loyal to small local businesses as possible.
This story was adapted by The Lincoln Post from original reporting by www.grimsbytelegraph.co.uk.
