Income from Business Rates to exceed Council Tax income from 2015, for the first time in 10 years.
The Grimsey review of the High Street, set to be published next week, further highlights the continued strain that is being placed upon the retail sector.
The Government’s decision to delay the re-valuation of the Rating List until 2017, combined with its encouragement of Councils to freeze Council Tax for the next two years, can only further strengthen campaigners views that the administration sees Business as something of a cash cow.
Next year’s rate rise will be fixed at September’s RPI, forecast to be in the region of 3.3%, heaping yet further misery on an already under-pressure sector. Whilst it is admirable that the Government is spearheading various initiatives to try and support the high street, detractors make the point that it is largely a veneer, with programmes such as the Portas Pilots making absolutely no difference to the sector.
What we need to see is action on Rates, before irreversible damage is caused to the Retail market.