Future of Britain’s high streets depends on business rates support, industries warn
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Britain’s high streets could be set for further decline if the government doesn’t continue business rates support in the upcoming autumn statement, a group of retail, hospitality and leisure organisations has warned.
In a joint letter written to Chancellor Jeremy Hunt and housing secretary Michael Gove, the groups called for business rates to be frozen and relief extended in the autumn statement on Wednesday next week.
The letter was penned by British Retail Consortium, UKHospitality, Association of Convenience Stores, British Independent Retail Association and ukactive.
The letter said “correctly” took action on the issue in last year’s autumn statement to extend Retail, Hospitality and Leisure (RHL) Relief and freeze of business rates multiplier.
But it said that firm’s are still struggling, and the support should be continued.
“We therefore collectively urge you to continue your business rates support – prioritising a freeze in the multiplier, extension of the RHL Relief for a further year at 75 per cent and an increase in the relief’s cap to at least £2m per business,” the letter said.
The freezing of rates and extended relief could be the “lifeline” needed for the hospitality sector, Kate Nicholls, chief executive of UKHospitality said.
Helen Dickinson, chief executive of the British Retail Consortium, said: “Retailers are staring down the barrel of a £480 million-a-year hike in their business rates bills from next Spring.
“Such a hefty increase will threaten to put renewed pressure on retail prices, as well as block new investment in our town and city centres. It is essential that the Chancellor uses the Autumn Statement to freeze business rates and give our local communities a fighting chance to thrive.”
A Treasury spokesperson said: “Inflation has halved this year thanks in part to decisions we have taken and we have backed our businesses by taking one third of properties out of paying business rates altogether.
“This come alongside spending billions slashing bills for retail, hospitality and leisure by 75 per cent and effectively cutting corporation tax by £27 billion via full expensing.”