Small businesses could benefit from increased business rates relief soon, Business Secretary Vince Cable has suggested.
Retailers have welcomed the Labour party's announcement that it will cut business rates for properties less than £50,000 by 1 per cent in 2016 if elected next year.
Tesco, M&S, Virgin Active, Ann Summers, Screwfix and dozens of other businesses have united to call for an overhaul of the UK's "no longer fit for purpose" business rates system.
67,000 businesses face an above-inflation hike in business rates next year, analysis has revealed.
80 per cent of MPs say the business rates system is "not fit for purpose and in need of reform," according to British Retail Consortium (BRC) research published today.
Retailers have called on the Government to exempt 100,000 small businesses from business rates altogether.
The discussion around business rates often hinges around their impact on the high street, but they can be a massive burden on growing businesses which rely on property.
Labour proposals to cut business rates by increasing corporation tax would be giving with one hand but taking away with the other, the education secretary Michael Gove said today.
A committee of MPs has blasted the business rates system as “not fit for purpose” and “the single biggest threat to survival” of high street retailers.
Suggestions for an alternative to the crippling business rates system should be welcomed, but a tax on energy consumption would be an unfair burden on manufacturers.
Retailers today revealed their proposals for mending Britain's much-maligned business rates system.
An overwhelming 85 per cent of SMEs are positive about the year ahead, but fear around business rates and the cost of utilities continues to plague growth.