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<p>We are committed to ensuring that high streets throughout the country remain at
the heart of their community and we have taken significant actions to help high streets
adapt and thrive through a range of targeted tax breaks, sensible planning changes
and measures to ensure fairer parking for motorists.</p><p>At Budget 2016 we announced
the biggest ever cut in business rates – worth £6.7 billion across the next five years.
The Government is permanently doubling the level of Small Business Rate Relief and
increasing the thresholds to benefit a greater number of property occupiers. Eligible
properties with a rateable value of £12,000 and below will receive 100% relief. This
means that 600,000 small businesses will pay no business rates at all, including local
high street shops. Furthermore, the revaluation of Business Rates will ensure business
rate bills more closely reflect the property market and that all businesses are getting
a fair deal. The revaluation will reduce bills in the West Midlands by 7% before inflation
and transitional relief. This will reduce bills by almost £170m per year. The biggest
winners are in offices which will see bills falls by 16% and retail which will see
bills fall by 11%.</p><p>We have also given over £18 million to town teams since 2010,
including Redditch, funding successful initiatives such “Love Your Local Market” and
the “Great British High Street Competition”. The finalists for the 2016 Awards include
Derby, Hinckley, Market Harborough, Bridgnorth, and Leominster. The winners will be
announced in December.</p>
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