Almost half of London firms are harbouring fears about the revaluation of business rates, according to a new survey.
Research carried out out by the London Chamber of Commerce and Industry found that 44 per cent are worried about the new rates, which will come into effect on 1 April next year.
In a survey of 508 London business decision-makers in the run up to the EU referendum, almost one-in-three said that the cost of business rates was hampering their ability to invest, while 20 per cent said their firms pay more in business rates than in rent.
It comes days after London mayor Sadiq Khan reconvened the London Finance Commission, which previously proposed devolving property tax revenues streams - including council tax, stamp duty land tax and business rates – to London authorities.
LCCI chief executive Colin Stanbridge said: “While LCCI welcomes the devolution of business rates in principle and recognises the role that businesses can play to fund infrastructure that benefits their locality, the Treasury needs to outline how reforms will work in London given the Business Rates supplement that is already in place.
“The Government must ensure that implementation is done transparently and in consultation with the capital's local businesses who are stumping up or we run a very real risk of businesses shutting up shop and moving out of London.”