RICS Logo
Twitter
LinkedIn
  • Home
  • News
  • What We Do
    • Business Rates Relief
    • Empty Property Rates Relief
    • Charities
  • Contact
0800 151 3361
Email Us
Shoppers-business-rates-retailers

British Retail Consortium predicts £280m business rates price hike for retailers next year

September 15, 2017Kim Pidgeon

Increase in business rates ‘will contribute to fewer shops and fewer jobs’

When September’s Retail Price Index (RPI) figures are published next month they will be used to determine the uplift in business rates next April. As a clear indicator of what to expect, the RPI numbers for last month reveal that inflation continued to rise in August to 3.9 per cent.

Using this figure and the fact that the rate of inflation has already accelerated to 3.9 per cent from two per cent in September 2016, the British Retail Consortium (BRC) is predicting that this coming September’s RPI is likely to be at least four per cent.

The BRC therefore predict the rise will push up business rates bills for retailers across the country – who account for a quarter of all rates paid – by a potential £280 million next April.

Commenting on the likely spike in business rates bills, Tom Ironside, Director of Business Regulation at BRC said: “Retailers are staring down the barrel of a hefty £280 million hike in their business rates bills from next Spring.

It is highly questionable whether communities across the UK can afford a spike in business rates of this scale and any resulting loss of commercial investment will contribute to fewer shops and fewer jobs. Nearly one in every 10 shops currently lies vacant and those in economically-vulnerable communities in particular remain persistently empty, limiting the chances for these places to thrive.

“With the economy slowing, consumer spending facing headwinds and retailers responding to profound changes in shopping habits, the prospect of a further investment-sapping tax rise of this magnitude is deeply worrying and will only serve to make life tougher for high streets.

“Government should knock on the head any notion of a bumper rise in rates next Spring and work with the retail industry and business to put the rates system on a more affordable and sustainable footing. This would increase retailers’ confidence about investing in new or refurbished shop premises.”

 

Estimated Business Rates

 

 

Related Articles

One Housing is latest G15 Housing Association to sign with rates-recovery service Caritas

May 31, 2019Kim Pidgeon

Over 20,000 business rate appeals in hospitality sector outstanding from 2010 rises

August 31, 2017Kim Pidgeon

New report: ‘local authorities sitting on money’ earmarked for pubs

August 30, 2017Kim Pidgeon

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Anchor Hanover chosen for Manchester LGBT+ Extra Care scheme
  • Covid-19 impact: 19% of charities consider office downsize, 17% consider office closures
  • 18 housing associations form northern alliance to deliver off-site homes
  • TfL and Barratt London partner for 450 new homes in Wembley
  • Unused materials database aims to reduce construction waste

Recent Comments

    Archives

    • March 2021
    • February 2021
    • January 2021
    • November 2020
    • September 2020
    • July 2020
    • May 2020
    • April 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • February 2017

    Categories

    • Advice
    • News
    • Tips
    • Uncategorized
    Twitter
    LinkedIn
    Caritas
    5 Chancery Lane
    London
    WC2A 1LG


    Tel: 0800 151 3361
    Email Us
    Caritas
    Cody Technology Park
    Old Ively Road
    Farnborough
    Hampshire
    GU14 0LX
    Tel: 0800 151 3361
    Email Us

    © Copyright Caritas | Privacy Notice | Cookie Policy