Government confirms ‘yet another’ review into business rates
Following the government budget announcement from Chancellor Rishi Sunak, in which it was revealed that the one year of business rates relief would be given to businesses with a rateable value of under £51,000, head of business rates at Colliers International has said the announcements ‘do nothing to alleviate the fundamental problems with the current system and merely delay proper reform, kicking it into the long grass.’
Webber commented: “Whilst helping SME’s is to be applauded, there is nothing in the Budget that tackles the issues of the larger businesses – and these are the ones shedding the jobs. Without helping larger businesses on business rates, the silent majority is side-lined yet again.”
He also called ‘yet another’ review of business rats to be heard in Autumn is ‘non-sensical’ as the issue has already had a detailed review and the Treasury Select Committee gave its recommendations last November.
He added “This Government claims it is the Government to “Get Things Done”. This is not “done” in my book. Yet again another trick has been missed in the chance to get some proper reform.”
“Unless business rates are properly reformed, as recommended by the Treasury Select Committee, these plans will do nothing to counter the impact of the 2017 business rates revaluation and introduction of downward phasing and simply won’t go far enough to help retailers struggling with their current rate bills. We are now destined to see more shop closures and job losses in the high street in the months ahead.”