Total UK business rates could be increased by £662m next year, if the current rate of inflation (2.1%) does not change before September’s CPI figure is released.
This is the figure that will be used to determine annual rate rises for the 2020/21 financial year.
According to real estate firm Altus Group, the retail sector would face a £169m increase, meaning gross business rates bills would increase by £662m in England.
Robert Hayton, head of UK business rates at Altus Group, said: “With major retail businesses reducing their estates and headcount, often citing high level of rates as a contributory factor, I urge the chancellor to take the bold and ambitious step of being the first chancellor to freeze the multiplier since the national business rates system was introduced in 1990. It would be a positive message to business and a real statement of intent post Brexit.”