Corrupt: Chancellor Philip Hammond arranged huge business rate cut – for his own firm

Mr Hammond’s spokesman stressed he has no day-to-day input into the firm. So what? He still profits from it.

All in it together, eh?

Yes, Philip Hammond’s firm – Castlemead, based in Wrexham – will pay 10.9 per cent less every year in business rates, due to a revaluation he announced in his budget.

That’s a clear conflict of interest, isn’t it?

Sure, he may currently have no day-to-day involvement, and his stake may be controlled by a trust, but he is still the person who will profit most from the rate cut that he has instigated.

Note also that former Chancellor George Osborne’s family business has also enjoyed a business rate cut.

Meanwhile, firms owned by people who are not members of the Tory Government – located on the same streets as those of Hammond and Osborne – will struggle to pay crippling increases planned by Mr Hammond.

So, yes, it seems the Conservatives have indeed been all in it together…

For themselves.

Chancellor Philip Hammond’s property firm has been handed a business rates cut of more than £12,000 over the next five years, as the Government hits thousands of other companies with crippling hikes.

Castlemead – the housebuilder and care homes developer set up by Mr Hammond – will pay 10.9% or £2,472 a year on average less under next month’s controversial revaluation according to figures compiled for the Press Association.

Self-made millionaire Mr Hammond still owns a controlling interest in Wrexham-based Castlemead, which will see its annual head office rates bill drop by £12,361 over the next five years, data from business rent and rates specialists CVS reveals.

It was revealed last week by the Press Association that former Chancellor George Osborne’s family wallpaper firm is to enjoy a business rates cut of more than £3,400 a year for its showroom in London’s swanky King’s Road, while shops, pubs and restaurants on the same street are facing eye-watering increases.

Mr Hammond’s office remained tight-lipped on Castlemead’s rates cut, but a spokesman said the Chancellor “has no day-to-day involvement in Castlemead”.

Since becoming a government minister, his stake has been controlled by an onshore discretionary trust. While the business is not run on a day-to-day basis by Mr Hammond, he is still the main beneficiary.

Source: Chancellor’s firm enjoys business rates cut while others suffer massive hike

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9 thoughts on “Corrupt: Chancellor Philip Hammond arranged huge business rate cut – for his own firm

  1. Dez

    Hmmmm?? Can’t believe those nice Tory people would feather their own nests and look after their own before anyone else.

  2. Jayne G

    What about the crippling rises for nhs trusts in London… It’s another way to take money away from the nhs, I just don’t get why the hospitals are changed business rates anyway, they are none profit organizations, the Nuffield hospital doesn’t pay because it has charity status, it’s a total disgrace.

  3. jeffrey davies

    there are criminals in jail who done less than this government who commit fraud daily ouch

    1. Mike Sivier Post author

      What does that have to do with this story?
      You and your polls, Paul! When will you learn?

    2. Jayne G

      The firm that was fired by the Independent after the 2005 election and hasn’t done a poll since… 12yrs.

  4. Justin

    That’s probably the definition of what they mean’t when they stated tax haven Britain, or making britain great again, wonder how there going to do that, the new tory offshore fund, bankrolled by the poor to support the rich, with three great companies that we use to help our crookedness, with our excellent ex chancellor now running a newspaper, advising for four days a month to a bunch of greedy yanks and for the princely sum of 90000 bucks a hour you can listen to them tell you how they ruined a country. high time that all companies that have business links with ministers are placed under close scrutiny, especially ones that never seem to make a profit yet can pay big shareholder payouts and very little tax.

    just remember tory, keep doing crooked things, look at all your crooked things and look at some of the things that this country relies on a lot, things that your policies keep taking little knocks at, then imagine if all of a sudden you had to rely on paying everyone for everything, things that you have taken for granted for so long, things that save your councils money for example, that are sometimes done for free and one occasions actually cost the person to go there because they argue about who has to pay the expenses, these are things that little tory does not think about because there incapable,

    so i stick to my mantra of what’s the story lying tory

    and as the likes of hammond etc think there great

    come on rise to the challenge

    lets see hammond, osbourne, grayling, smith, patel, boris, of course we cannot miss freud out of this, summer recess role your sleeves up and come and do some real work, in the areas that your own policies have caused the most hardship.

    are you capable enough, i doubt it

Comments are closed.