Haringey Council has announced proposals to boost local economy by offering business rate discounts to new and expanding firms.

Consultation opened on Thursday on the policy which hopes to remove barriers to new businesses investing in Haringey and creating new jobs.

If the plans go ahead, Haringey will become one of the first boroughs in London to introduce a relief scheme. 

Business rates, also known as non-domestic rates, are a tax on organisations and companies that use a building for work purposes. This ranges from local shops, to warehouses and factories, and some community facilities.

New proposals include a three-year 30 per cent tax break for new and converted work spaces, and extending the rates to pop-up markets and retail units.

Cllr Joe Goldberg, Cabinet Member for Economic Development, Social Inclusion and Sustainability, said: “We’re ambitious about Haringey’s future and determined to ensure our borough becomes a byword for creativity, innovation and industry in London. We want to support organisations that bring real benefits to our borough and remove barriers to those businesses keen to set-up here.”

Cllr Jason Arthur, Cabinet Member for Finance, said: “Changing our business rates relief to better support a growing economy in Haringey will ultimately boost the council’s long-term income – growing the borough’s business base, encouraging additional investment and giving us more money to invest in local services for residents.”

The consultation runs until January 28, 2016.