Retailers face £170m rates increase
The retail sector is likely to see its business rates bill increase by almost £170m next year.
Businesses are likely to see their business rates uprated by 2.1% in line with the expected September inflation rate, which would result in a total increase of £662.1m, according to calculations by property adviser Altus Group.
‘With major retail and hospitality businesses reducing their estates and headcount often citing high level of rates as a contributory factor, I urge the Chancellor to take the bold and ambitious step of being the first Chancellor to freeze the multiplier since the national business rates system was introduced in 1990,’ says Robert Hayton, Altus Group head of UK business rates.
‘It would be a positive message to business from the Johnson administration and a real statement of intent post-Brexit.’