Retail groups have written to chancellor George Osborne demanding an urgent cut in business rates to stimulate growth and help companies deal with the fallout from the UK’s decision to leave the European Union.
The letter urges Osborne to bring forward a proposal to switch from using the retail prices index to the consumer prices index to set business rates.
It also suggests simplifying ratings assessment for the smallest businesses to reduce the number of appeals.
Signatories to the letter include the British Retail Consortium, British Chambers of Commerce and the Federation of Small Businesses.
“The burden of business rates is too high and at a tipping point. Beyond the actions in the last Budget we believe further government-backed action could be taken on business rates to support the economy,” they wrote.
“There is consensus from the business community that these actions could stimulate growth when funded through other revenue streams and show the government’s ambition to make the UK the best country in which to do business.”