Frances Northrop of the New Economics Foundation says: “Imagine London without the small businesses of Portobello Road, Brick Lane, Columbia Road and Chinatown. They are being driven out by the cold logic of ever-increasing rents.”Many small independent businesses are based in railway arches across London, often owned by Network Rail or Transport for London. Guardian Money spoke to a number of small businesses affected by the rent hikes. Photograph: Sarah AinsleeChu’s GarageThe MOT garage in a railway arch in London Fields, east London, was founded by Quang Chu 30 years ago. Rents are at the low end to ensure they are competitive.”Transport for LondonGraeme Craig, director of commercial development, says: “We are committed to encouraging diverse, small businesses as vital to London’s economy.

Source: The Guardian April 07, 2018 06:00 UTC