Retail lobby groups demand urgent business rates reform
Retail lobby groups have joined forces to urge the government to revamp the business rates system to make the country more competitive. Lobby groups representing more than 100,000 shops and other businesses have written to George Osborne calling on him to focus on reducing the burden of business rates instead of further cuts in corporation tax after the Brexit vote. Business rates are predicted to increase by £400m this year, raising £23.5bn from companies. Those issuing the demands include the British Chambers of Commerce, the Federation of Small Businesses, the British Retail Consortium, the Association of Convenience Stores and the Association of Licensed Multiple Retailers. James Lowman, ACS chief executive, said: "Business rate costs are a significantly higher burden than corporation tax for small businesses, and we hope that the chancellor will recognise this through swift policy interventions."
Source: The Sunday Telegraph (10/07)