High street retailers set for £3bn rise in business rates
By Sarah Wood | 21st October 2022
UK high street retailers can expect to face an extra £3 billion in business rates next year.
Business rates are set to rise in line with inflation, which hit 10.1 per cent last month, as reported by Retail Gazette.
This comes at a time when high streets are already facing huge pressures, as energy and staffing costs rise, and shoppers cut back on spending as a result of the cost-of-living crisis.
Property experts Altus Group have predicted the overall business rates bill for companies across England will hit £30 billion from April.
The Treasury said it has already put in work to reduce the business rates burden on UK businesses, including business rates relief and freezing the multiplier in 2022-23 to "put the brakes on bill increases".
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