THE Chancellor’s decision to cut business rates has been welcomed by Covered Market traders as an early present in the run-up to Christmas.

In the budget on Monday Philip Hammond announced he would cut business rates by a third from next April for two years for all retailers with a rateable value of £51,000 or less.

The Government said this would bring an annual saving of up to £8,000 for up to 90 per cent of all independent shops, pubs and restaurants.

Graham MacDonald, who runs the iScream gelateria, and is a director of the Covered Market Tenants Association, said the decision has given traders a boost in the run-up to the festive season.

He said: “It’s very good news in the run-up to Christmas and although it’s only for two years it will make a real difference to traders, who can now look forward to a much healthier bottom line. We have a rateable value of £22,000 and pay £12,000 rates a year, plus rent of £28,000 so this is a big help.”

Panny Skrivanos, of Souvlaki Brothers, added: “For smaller retailers getting this help is a critical issue.”

Mr MacDonald said traders in the historic market were looking forward to a busy time of year following a period of uncertainty in which a number of high-profile tenants quit, including Haymans fishmongers, Macsamillion shoe store and Hedges butchers. The Oxford Soap Company has announced it is opening in the market on November 13.

Mary Clarkson, executive board member for culture and city centre, said: “We are working hard to ensure the long-term success of the market, including investing £3.1m to secure the historic building for future generations.

“But national support is needed to help independent retailers, as more people choose to do their shopping online. As the Chancellor stated in his speech on Monday, small traders have been struggling to cope with the level of business rates set by central government, and we are pleased that the Chancellor has decided to relieve some of that pressure.”

The Covered Market, which opened in 1774, has 63 units and all these have a rateable value below £51,000.

However, nine units receive 100 per cent small business rate relief, and two receive partial small business rate relief where the rateable value is between £12,000 and £15,000.