Revo, the retail property lobby group, is calling on the government to drastically cut the business rates multiplier and cap it at 30%. It comes in response to the UK government’s consultation on business rates reform for England. The current business rates multiplier stands at 51%.
The government confirmed in July this year that the next business rates consultation would take place in 2023. If the rate is capped at the suggested 30% it could reduce the burden on physical retail by an estimated £3bn a year.
“Successive governments have failed to deliver on promises to reform business rates, and given the crisis engulfing the high street it really is a case of now or never,”
Revo chief executive, Vivienne King
With high streets currently seeing an extremely challenging period due to COVID-19, the group has also called for the current business rates holiday to continue for the 2021/22 financial year.
Revo’s chief executive, Vivienne King, said: “Successive governments have failed to deliver on promises to reform business rates, and given the crisis engulfing the high street it really is a case of now or never.
The Ministerial Statement, outlined in July can be found here: https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2020-07-21/HCWS400/
HM Treasury is currently Calling for Evidence, and responses can be posted via the survey Alternatively, email responses can be sent directly to BusinessRatesReview2020@hmtreasury.gov.uk
