The MP for the West Cornwall and Isles of Scilly constituency of St Ives, Andrew George, is urging local businesses to contact him if they have difficulties, in the present economic climate, with the continuing practice of upward only rent reviews.
Mr George has been raising the matter in Parliament for some time and recently received confirmation from Local Government Minister, The Rt. Hon Margaret Beckett MP, that the Government “have not ruled out legislation as an option” if the practice of inflexible and upward only rent reviews continues.
Mr George said: “This has created a double-whammy for many local businesses – especially high street retailers in west Cornwall – who are not only clobbered by increased rents in a downward market, but an inevitable hike in business rates, as they reflect rent levels.”
Mr George has already communicated with many local businesses who have been hit by the problem of upward only rent reviews as part of their commercial property lease and will be seeking the views of local businesses before taking the matter further.