By Daniel Hunter
Reports have suggested that the Chancellor may announce business rate rises will be limited to 2 per cent in England and Wales next year. It has been reported that this announcement may happen in the Autumn Statement tomorrow. This would be instead of the 3.2 per cent rise that was due if no cap was put in place.
The BRC welcomes this news as a good first step towards full reform of the business rates in the future.
Helen Dickinson, British Retail Consortium Director General, said: “The BRC has been campaigning for a cap on business rates of 2 per cent followed by reform of the system. If the reports this morning are correct and the autumn statement does include this cap it will be welcomed enthusiastically by retailers across the country. It could save 7,500 jobs next year, boost local communities and allow more shops to stay open on our high streets.
“In the longer term, reform is still essential. The business rates system is not fit for purpose and has become the highest business property tax in Europe. The BRC is leading a rigorous examination of options for improving it, supported by a broad group of industry stakeholders.”
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