PLANS for a company to help Harrow town centre traders has been shelved due to the effects of the credit crunch.

Some of the large retailers in Harrow were unwilling to part with the cash, between 0.75 per cent and one per cent of their ratable value, to pay for the setting up of a Business Improvement District (BID).

The idea of the BID was to help promote the town centre, bring extra trade to the area, and advise on alterations and improvement work to the high street.

But with businesses worried about the deepening recession, a ballot on the creation of a BID has been postponed until at least September, and could not be considered again until next year.

Councillor David Ashton, leader of Harrow Council, said: “Because of the situation we all find ourselves in financially, a number of key traders requested that any decision for a ballot is postponed until better times are upon us.

“Harrow Council is confident that the BID will be beneficial to the town centre.”

A shadow board established to develop the BID will continue to meet and make plans on a monthly basis, and reconsider whether the project is viable later this year.

The decision will come as a blow to some town centre traders who would have benefitted financially from the creation of a BID.