The British Retail Consortium (BRC) and other trade bodies have written to Chancellor Philip Hammond and the other two main political parties to urge the next government to ease the business rates burden.
The industry bodies are asking for a review of the business taxation system to ensure fairness and increase the frequency of revaluations from 2020, arguing business rates have reached a ‘tipping point.’
In the letter, the organisations said: “We believe that the future of the business rates system will shape investment and growth in the UK economy for decades to come. How the next government decides to address the complexity and unfairness of the existing business rates system is therefore a key question for us all.
“The challenges we face as we negotiate our future relationship with Europe has made reducing the burden of business rates and fundamentally reforming the system even more critical. The fact remains that the burden of property taxation is too high. A system under which rates are the highest in the G7 and have risen from a third of rateable value in 1990, to half today, is not financially sustainable.”