Hyndburn’s economy is growing at almost double the national average – driven by a booming industrial sector, and non-retail growth
Latest Government figures – revealing a 13% expansion in Hyndburn’s rateable value of premises since 2017 – have been welcomed by Hyndburn Council.
A 26% surge in the industrial sector also shows the borough is open for business, following the £20m in Government Levelling Up funding announced in January.
All rateable values in England and Wales have been revalued by the independent Valuation Office Agency (VOA) as part of the 2023 Revaluation, with draft rating lists published.
Hailing the figures, Hyndburn Council leader Councillor Miles Parkinson OBE said:
“It’s very pleasing because we have had to deal with Covid, and knew that businesses would be massively affected. It shows strong leadership and delivery to get growth of 13.2% in Hyndburn, when the average in England is 7.3%.
“The council wants to deliver growth in its strategies going forward. To have growth of 26% in industry is an amazing figure, and shows the council really developing what is really important – to create jobs. Talking to business leaders they never expected certain premises to be full.”
The VOA’s evaluation of Hyndburn’s 3,440 rateable properties values them at £66.79m, up from £59.02m six years ago. The 13.2% growth outstrips the 9.9% across the Lancashire County Council area, all of the county’s unitary authorities, and the North West average of 7.4%. The county’s best performing authority – South Ribble – delivered 15.6% rateable value growth.
Retail across Hyndburn is challenged – down 5.7% since 2017 – although this also compares favourably with the Lancashire and England average declines of 7.5% and 10% respectively. The pandemic and working from home, as well as longer term shifts towards online shopping, have led to structural shifts on our high streets.
The borough’s industrial properties grew by 26.1% to a rateable value of £30.82m, and the office sector was up by 10.8% to £4.26m. The ‘Others’ sector growth in Hyndburn was also significant – 12.4% to a total of £16.95m.
A key part of the Council’s growth strategy is driving growth in its economic base through business prosperity, along with associated population growth.
Councillor Parkinson added:
“The decline in population has stopped – we have got a small increase in that. Due to this income being generated through the council tax base, we are setting a 0% council tax increase, because that’s how we plan for growth. Of course, retail is problematic and that’s why we have made the bid for the Levelling Up fund.”
The three flagship projects in Hyndburn’s successful Levelling Up Fund bid are: Accrington Market Hall, Market Chambers and Burton’s Chambers. The Market Hall will be refurbished and transformed into a food and drink destination for local people and to attract visitors from across the country.
The bid is just one part of the Town Centre Investment Plan agreed by Hyndburn’s Partnership Board last year.
Information taken from: https://www.gov.uk/government/statistics/non-domestic-rating-change-in-rateable-value-of-rating-lists-england-and-wales-2023-revaluation