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Oxford Street business rates to dwarf Budget savings

Oxford Street stores will save little on their business rate bills when the rate calculation changes from the retail prices index (RPI) to the consumer prices index (CPI), property experts have warned.

The overall rise in business rates will dwarf savings made as a result of the change introduced in the November’s Budget, property consultancy Daniel Watney has found.

It revealed that the measures will save Oxford Street businesses an average of just 1.6% off their rates bill for the period until the next revaluation.

Zara will save just £10,000 on its bill of £1.3m for its Oxford Street flagship, while Selfridges will save £100,000 on a bill of £17.1m.

Alex Izett, associate partner in the ratings team at Daniel Watney LLP, said: “The switch from RPI to CPI provides some relief, but does not go far enough for many small-to-medium-sized businesses that suffer the highest property tax burden in Europe.

“Ratepayers have been calling for three-yearly valuations for some time now, so the chancellor’s announcement is welcome. However, this will not be deliverable unless the government provides the Valuation Office Agency with the funding necessary to carry out regular and accurate valuations.

“This is an organisation that has witnessed year-on-year budget cuts, over 20% in this year alone.”

 RPICPIAverage Savings between 2018-22

Zara – 215-219 Oxford Street, London, W1D 2LG





Selfridges – 400 Oxford Street, London, W1A 1AB





John Lewis – 300 Oxford Street, London, W1C 1DX





Uniqlo – 170 Oxford Street, London, W1D 1NQ





Top Shop – 536-540 Oxford Street, London, W1C 1LS





H&M – 174-176 Oxford Street, London, W1D 1NX





Urban Outfitters – 200 Oxford Street, London, W1D 1NU





Nike Town – 236 Oxford Street, London, W1C 1DE





Debenhams – 334-348 Oxford Street, London, W1C 1JG





HMV – 363 Oxford Street, London, W1C 2LA





Readers' comments (1)

  • Oxford Street is not the only street in the world. If retailers want be there, you have to play by the rules, whether they are fair or not.

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