Revo calls on Chancellor to take immediate action to cap business rates in Autumn Budget.17 November 2017
We've called on the Chancellor to take action to support business and retail in the upcoming Budget.
In September, a sharp increase of 3.9% to RPI, against which business rates rises are pegged, means further misery for UK retailers next year. The Chancellor must take immediate action.
We have called for the immediate introduction of a 2% cap on the inflationary rise in business rates to protect businesses facing a 3.9% RPI increase due in April 2018.
In addition, we are calling for positive measures to stimulate growth, productivity and investment, including:
- A commitment to work with industry to identify and deliver small scale transport and infrastructure initiatives across the country which can be the catalyst for wider investment and regeneration; and,
- Flexibility in the Apprenticeship Levy scheme to allow for more creative use of funds that specifically meet the needs of our sector, including a longer cumulative spend period (up to 3 years) so the system can embed in business
We strongly believe investing in retail-led placemaking should be higher up the Government’s agenda. Towns and cities are at the heart of everything we do, from business right through to community. The country will only flourish if we protect, invest and nurture our urban landscape and Revo will continue to press the case for our industry.
Ed Cooke, Chief Executive of Revo, said:
“The Chancellor should commit, without further delay, to measures to support the retail property and placemaking sector if we are to protect our built environment and our high streets.
“Business rates are already the highest property tax in the OECD, deterring investment and expansion, as well as failing the fundamental test of fairness. The latest RPI rise compounds the challenge facing business.
“Failure to act could threaten the commercial viability of our towns, cities and communities just as the acute challenges created by European withdrawal, a precarious retail market, and online competition coalesce into a perfect storm.”