The Government: Fair Rates for Retail

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Fair Rates for Retail: Retailers urge rates freeze

Top retailers have called for a freeze on business rates and changes to how the charge is calculated as they face a likely increase of £200m next year. They have thrown their weight behind the Fair Rates for Retail campaign launched today by the British Retail Consortium and Retail Week. After two years of punitive rates increases that added more than £500m to costs, retail leaders believe the industry should not bear a further burden. It would restrict their ability to invest, create jobs and improve town centres, as well as exacerbate harsh trading conditions. Retailers, who pay 28% of all business rates, have also urged a change in how rates are decided. At present the September Retail Prices Index (RPI) is a key determinant, but a switch to a 12-month average of the less volatile Consumer Prices Index (CPI), which typically moves in a narrower range, would ensure greater long-term affordability and certainty. Read more here: www.retail-week.com/in-business/fair-rates-for-retail

Retail Week EMAP
9 years ago