The has responded to the Government’s consultation welcoming a long-overdue revaluation but voicing concerns that businesses will still face unaffordable and unreasonable increases to their bills.
ALMR Chief Executive Kate Nicholls said: “We are pleased to see the Government pushing ahead with a revaluation that is long overdue, a reduction in the multiplier and recognising that there is a need for fairness that is currently missing from business rates.
“We are concerned though that the proposals will still result in increased rates bills for businesses with eating and drinking-out venues still bearing a disproportionate burden. Our chief concern is that the cap on increases of 5% applies only to the smallest businesses, with larger companies facing either a 35% of 45% increase cap paid for by a cap on the reduction for those businesses that see their rates fall. In addition, there is only a 6 month period for businesses to prepare for these increases.
“It is still likely that 1 in 4 businesses will see their rates increase. At such a politically and economically unstable time, such a move could be potentially disastrous for businesses. With businesses relying on transitional relief, we are urging the Government to reconsider introducing high street rate relief to ensure that bills are equitable and affordable.”