City businesses face smaller security levy
Businesses, which operate in the Square Mile, will face a smaller charge for increased security measures following lobbying of the Corporation of London.
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Originally, the body responsible for running London’s financial district planned to levy a 1% tax on businesses to pay for more police officers and an extension of the City?s ‘ring of steel’ to the west of the Square Mile.
Now this has been cut to 0.75% following consultation. CoL policy chairman Michael Snyder said people were concerned the government was not meeting the full cost of the measures.
‘With a fairly difficult economic climate evolving, we’re trying to reduce the impact of the rise,’ he was reported saying.