Who funds Advancing Aberystwyth?

Advancing Aberystwyth gets it’s revenue to operate by imposing an additional tax on the businesses within the levy zone, this is set at 1.25% of the business rates valuation and not rates payable as some believe.

You would need to be very naïve to not know the pressures of the High Street, extortionate rents, high business rates, national chains aswel as independents closing daily, 16 per day in the first half of 2019 (source BBC News) (significantly increased since March 2020 ), the BID tax is another tax on tax.

Whilst the tax to some is deemed to “only be a small amount”, to some it is an amount too much and for little return, especially as the services for business rates are getting less and less year on year, this is adding insult to injury and the streets of Aberystwyth are not immune to closures due to ever rising costs.

Advancing Aberystwyth is almost 5 years old, have the streets of Aberystwyth bloomed in this time, regrettabley not, we are seeing the same struggles here as everywhere else in the Country and for the investment Advancing Aberystwyth can bring, it is too little, too late to make a difference.

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