John Webber asserts that new UK business rates legislation, pushed through by the Government, could add millions to rates bills without aiding economic growth, particularly hurting larger retailers.
Colliers highlights the negative impact on larger retailers and hospitality sectors, stating that the legislation could discourage employment and investment, contradicting the Government's goals to 'save the high street'.
According to the Exchequer Secretary, James Murray, the proposed tax changes will provide certainty and support to the retail and hospitality sectors, but opponents argue it unfairly burdens big businesses.
The anticipated rise in the higher multiplier for properties valued over £500,000 could result in significant tax increases, with estimates of hundreds of millions being added to sectors like offices and distribution.
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