The UK's business rates bills will rise by a total of £1.74 billion next April. 'This gives unsustainable rises to all sectors of the economy, unless the government steps in and intervenes', says John Webber, head of business rates at Colliers.
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'The retail sector pays around 21% of the total business rates tax bill and will see its rates bills rise by around £366 million in April. The sector will be hit even harder as business rates reliefs come to an end at the same time. This could have a deep impact on businesses in the high street.'
'The logistics/manufacturing sector also pays a hefty 26% of the total business rates tax bill and has seen steep rises in its rates bills this year already, as a result of the 2023 Revaluation. Colliers estimate the sector will see its rates bills rise by around another £453 million in April.'
'All sectors are suffering from increased costs, whether from increased wage bills, materials or energy costs. They cannot cope with the hike in rates bills too. Higher occupation costs will only dampen expansion and growth plans and for many businesses might be the last straw. The Government must do something.'
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