Contributed by CBI
8/10/2020 - CBI
There is broad consensus that the current Business Rates system is out-of-date, unsustainable and in urgent need of reform. The CBI and Avison Young argue that the pandemic has fast-forwarded that need for change with so many businesses – retailers, manufacturers and distributors – under serious strain.
In a new joint report, “Over-rated – Making the case for business rates reform”, the CBI and Avison Young reveal that the burden of business rates in England – at nearly 50p in the pound – will continue to climb without reform. New analysis reveals that would cost businesses at least an extra £6bn over the next 5 years.
The CBI’s Chief Economist, Rain Newton-Smith, warns that “left unchecked business rates will continue to rise; sinking many investment plans, hitting bottom lines and inadvertently growing inequality between England’s richest and poorest areas”.
Business Rates are and should remain an important source of revenue in England, for both central and local authorities. But the Government has rightly recognised the need for reform by launching a fundamental review and the subsequent call for evidence which rightly identifies the key issues. As a first step to reform, the CBI and Avison Young have set out a package of 12 critical measures, which would save business £21.8 billion over 5 years including:
For more details on the information mentioned, please visit the CBI website.
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