Chancellor’s failure to tackle rate burden is ‘hopelessly disappointing’, business leaders warn
Jeremy Hunt’s failure to tackle the corporate rate burden was “desperately disappointing”, bosses have warned.
The Chancellor has been called on to reform the tax levied on shops, pubs and other commercial properties based on rental value.
Critics say that falls disproportionately on those with a presence in city centers, while online gamblers face lower bills.
Retail pain: The Chancellor has faced calls to reform the tax levied on shops, pubs and other commercial properties based on rental value
But Hunt made no changes as retailers warned it remained a burden.
Helen Dickinson, of the British Retail Consortium, said: “Tariffs must be paid in full whether businesses make a profit or a loss.
This makes professional rates the final nail in the coffin for many; closing stores, costing jobs and preventing openings.
The government has promised a review, but despite some changes to the tax, Dickinson said “further reform is needed”.
Corporate rate expert John Webber said: ‘The lack of decisive action is hopelessly disappointing and will have wider implications for the wider property markets.’