PM urged not to raise business rates for firms

PM urged not to ignore business rates pledge for firms

The Prime Minister is being urged not to rip up another tax pledge by increasing the tax burden on high street shops, pubs and restaurants.

Retail tax experts have warned that firms could be saddled with a £700 million rise in business rates in England next April.

The headlines:

– Retail experts warn of likely increases from April unless there are changes to property tax system

– A possible £700 million rise likely to effect high street shops, pubs and restaurants.

– The Consumer Prices Index (CPI) measure of inflation, announced next month, usually determines Business Rates rises

– In July, the CPI reading showed inflation of 2% for the 12 months to July, although analysts have predicted this will rise further.

– Rates have been frozen since the start of the pandemic and Johnson had pledged to lower the burden of business rates in his 2019 manifesto.