Opinion-in-brief: Rishi, stop dawdling on business rates
Business rates raise £26bn a year but the tax is unfairly skewered against the retail sector who pay nearly one third of the tax. Only contribute one fifth to UK GDP. Retailers are paying rates bills linked to rental value 2015 – despite very different market conditions. Unaffordable business rates bills have been cited as one of the key reasons for the decline in our high streets. More than 17,500 retail chain outlets disappeared last year and nearly 190,000 retail jobs were lost.
All the experts in the industry agree the system in its current form is unworkable and plans for reform have been clear. So why is it taking so long to get the Government to listen?
The main challenge is filling the £26bn hole. But we have a plethora of possibilities: online sales tax, an outdated council tax system, a digital tax on tech giants. Retailers have been paying an unfair price. It’s time to balance the scoresheet.