Crippling business rates are hammering our high streets

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TAX on business premises is a longstanding problem in this country. Our business rates tax is three times higher than the OECD average alone. Now despite the hardships many British businesses have …

doing much of the heavy lifting. If our recovery is to get on to a more even keel, we really must get businesses investing more - the Government’s ambitions to level up the country and reach net zero will stand or fall on succeeding here.

As founder and chairman of Cobra Beer, I know just how much of a strangle the current system puts on restaurants and pubs, up and down the land.And the impact stretches well beyond shops; from factories and airports to offices – any business with a physical footprint. Don’t get me wrong; business rates are – and should remain - an integral part of our tax system. But businesses need it to change and change now.

So what to do? For starters, the CBI wants to see a freezing of rate increases in England beyond the planned revaluation in 2023, and also move to a system of annual revaluations by 2026.

 

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That's why the towns are looking like ghost towns.

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