MPs call for urgent rate reform
The Treasury Select Committee has called for an urgent review of business rates, with a report to the Chancellor saying the levy is causing “damage” to high street retailers who are placed at a disadvantage compared to online and out-of-town stores. The committee has called for ministers to “urgently investigate” the option of reducing the five year gap between rate reviews. The Treasury said it recognises “the vital contributions” that high street businesses make to the economy, adding that it had reduced future business rates by £2.3bn by changing the way rises will be set. However, business rates specialist Altus Group warned that many retailers have faced “very large increases” in bills which “could spiral further in April”.
Source: The Mail on Sunday (28/01/2018)