Retailers in London’s West End area are grappling against huge rises in business rates, with over 1,400 properties facing average business rates rises of £50,000.
The increases will be phased in over the course of the new financial year, according to real estate advisory service Altus. According to the group, 1,412 West End retailers, hotels and shops also faced soaring taxes, rising above the 3% level of inflation and totalling £67.9m.
The research found that 1,164 large shops face average business rates rates rises of £52,381, whilst 45 large hotels, both budget and luxury, face average rates rises of £53,900.
Nationally, 242,274 business premises across all sectors in England saw above inflation rises, with London and the South East hit the hardest.
Alex Probyn, president of UK business rates at real estate advisor Altus Group, urged businesses “to check that what they’re being told to pay is indeed accurate and correct.”