Help for traders near Finsbury Park station
17 March, 2017
• WE’VE worked hard to help businesses affected by the Wells Terrace Tube entrance closure at Finsbury Park. This includes securing a 10 per cent reduction to rateable values in Wells Terrace and Clifton Terrace while the Tube exit is closed, and a freeze for rateable values in Fonthill Road.
However, unfortunately not all businesses will have seen a cut in rates bills because the government’s Valuation Office Agency decided that properties in Clifton Terrace were undervalued for business rates and imposed an increase that was greater than the 10 per cent reduction we secured.
Also, from April, the government’s decision to impose a massive hike in rateable values is likely to affect some businesses in Wells Terrace and Clifton Terrace. We completely oppose the government’s hike in rateable values in Islington.
Separately, we have spoken to Transport for London and it has agreed to receive compensation requests from businesses whose income has
been significantly affected by the Tube exit closure.
Businesses themselves must make these compensation claims directly to TfL. I would urge any business which has seen a loss of income related to the Tube exit closure to contact TfL with evidence showing this loss in income.
Cllr Asima Shaikh
Islington Council Labour executive member for economic development