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One in five London street markets to go bust due to poor management

Posted Posted by GLA Conservatives in NewsshareShare

· Council market closures could threaten an estimated 1.3k trader jobs by 2032
· Calls for failing markets to be privatised as decline would harm the Capital’s economy by £1.4bn

Londoners could lose 1 in 5 council run street markets by 2032 due to pressures from online retail sales, damaging planning decisions and a lack of investment.¹

There are currently 90 markets in inner London alone. Over half (54) are run by local authorities and estimates suggest 20% will close over the next 18 years.¹

These London street market closures could result in up to 1,342 trader job losses.²

If they stay open, they have the potential to generate £792m in revenue over the 18-year period³ – and the neighbourhood could benefit by up to £1.4bn due to the footfall attracted to local businesses.?

A new report, ‘Market Stalled’, calls for failing local authority run street markets to be privatised. Figures just for inner London show seven have closed since 2008 – resulting in hundreds of job losses.

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Market Stalled

Posted Posted by GLA Conservatives in CampaignsshareShare

Compulsory Living Wage would cost London businesses £612m

Posted Posted by GLA Conservatives in NewsshareShare

This yearly wage bill is equivalent to 32k hospitality jobs in the Capital
Use small business tax cuts to boost wages without the need for sackings

Making the London Living Wage compulsory would cost London’s businesses £611.8m every year, the equivalent of 32,287 jobs in the hospitality sector.¹

GLA Conservative Tony Arbour, who calculated the figures, is calling for wages to be raised through business rate relief for smaller firms and VAT cuts in the hospitality sector.

GLA Conservative Assembly Member, Tony Arbour, said:

“We need to think practically about how get more Londoners on the Living Wage. It’s an ideal win-win situation for business, employees and the public purse. It puts more cash into people’s pockets and improves working conditions. But forcing firms to sign up to this, especially start-ups and small businesses – such as B&Bs, restaurants and coffee shops – will only hurt them and may even put them out of business. What we need instead are common-sense measures, such as tax cuts, designed to ease the burden on small business whilst boosting pay for employees. First, we need to give business rates relief to small businesses that sign up to the Living Wage. Next, we need to cut VAT in the hospitality sector. I will work with the Mayor of London and lobby the Government, to make sure pay can be boosted without the need for price hikes or sackings. These tax cuts will pay for themselves through reduced dependency on in-work benefits and increased tax-revenues.”

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