A Coventry MP has told firms in the city that she backs reform to business rates to help create a level playing field for companies.
Taiwo Owatemi, MP for Coventry North West, met local firms at the Coventry and Warwickshire Chamber of Commerce’s latest Coventry branch meeting.
She heard from companies in manufacturing and the service sector on a range of issues such as the cost of doing business, recruitment and skills, as well as working from home.
The MP said: “Small and medium sized businesses make a huge contribution to both the local economy and to the wider community.
“One of the areas I would like to see them helped is through reform of the business rates system. The current system needs to be scrapped because it is outdated.
“At a time when we want to get more people back to the high street, the current business rates system is holding smaller businesses back.”
Taiwo Owatemi said she supported the Chamber’s call for an emergency budget to help companies across the patch deal with the cost of doing business which includes an easing of upfront costs of doing business by reversing the recently introduced National Insurance increase until at least 2023/24.
The Chamber also wants help for firms to manage the impact of rising energy prices by cutting VAT on their energy bills from 20 per cent to 5 per cent for a minimum of one year as well as assisting with labour shortages by reinstating free Covid tests for companies to ease the strain on productivity caused by persistent high absences.
The MP added that there said there should be a renewed effort to ensure that young people were being equipped with skills that businesses in the region need to grow.
Tim Squires, the chair of Chamber’s Coventry branch, said: “We were very grateful to Taiwo Owatemi for joining our branch meeting.
“It’s important to businesses across the city that their voices are heard by decision-makers and that issues are fed back to politicians locally, regionally and nationally and from all parties.
“From my experience speaking to companies, there are so many businesses that are geared up to grow and have enough work to be profitable but it’s just all of the other issues surrounding them that are holding them back.
“It’s up to decision-makers to set the right conditions and businesses will grow, take on staff and contribute positively to the economy and their communities.”