Chancellor Philip Hammond has been urged to freeze business rates in his forthcoming Spring Statement, which is set to be delivered on Tuesday 13 March.
Figures published by real estate adviser Altus Group have suggested that, from April, more than 242,000 UK firms are set to experience increases in their business rates of more than 3%.
52,500 face business rates rises of more than 20%, Altus Group revealed.
Experts are now urging the Chancellor to freeze business rates in his Spring Statement.
Commenting on the issue, Alex Probyn, President of Altus Group, said: ‘The past few months have seen a stream of collapses across both the retail and hospitality sectors, with many others teetering on the brink, or considering large scale closures.
‘It’s not too late for a freeze in inflationary rises to help cushion the blow for those in transition amidst challenging trading conditions.’
The Chancellor did address the issue of business rates in his 2017 Autumn Budget. During this time, Mr Hammond brought forward the switch which will see business rates increase by the Consumer Price Index (CPI) from April 2018, rather than by the Retail Price Index (RPI).
The Chancellor also announced that business rates revaluations will occur every three years, rather than every five, beginning after the next revaluation, which is currently due in 2022.
We will be keeping you up to date on the key issues arising from the Spring Statement on our website.