Colchester businesses fear job cuts and closures as a key business rate discount is reduced, impacting hospitality and overall financial stability.
Colchester businesses worry about the reduced discount. A senior councillor feels helpless financially. The council talked about this at a meeting. They know the change will be hard.
Hospitality businesses might cut staff. They say they need the current discount to survive. One hotel owner, James Moreno, shared his fears. He said his business struggles after the pandemic. More hotels are even opening nearby now.
He feels increasing costs are overwhelming. He may need to reduce staff to stay afloat. This change feels like a punishment to him. Moreno feels businesses lack support.
Tourism is not getting the boost it needs. He says the city is struggling. Bookings were down 50 percent in January alone. Moreno must continue despite these challenges.
Mark Corey addressed council concerns too. He spoke about supporting firms during this tough change. The government policy is the root cause of the issue. The 75% business rate relief ends soon.
Corey offered empathy and support to businesses. He mentioned the discount drops to 40% in April. He acknowledges the government mainly controls this. The council’s financial options are sadly limited.
