"Eurotunnel, owned by French group Getlink, said it was in "deep disagreement" with the planned revaluation, describing it as "unjustified and confiscatory in nature"."
""Eurotunnel has therefore frozen all new rail investments in the UK," she said."
""A threefold increase in business rates would be at odds with the government's ambition of economic growth, pioneering European rail connectivity, and encouraging low-carbon rail travel"."
""Since 2017 we've had, over three valuations, a nine-times increase in the valuation," he told Politico."
Eurotunnel currently pays £22 million a year in business rates but expects the Valuation Office Agency's proposed revaluation could raise its bill to about £65 million by 2028, with next year's bill near £36 million. Getlink said the increase would amount to a 75% marginal tax on new investment and make future UK rail investments loss-making, prompting a freeze on all new rail investment in the UK. Two freight projects worth roughly £15 million were abandoned. Much of the rates burden is passed to train operators including Eurostar, which warned passenger fares could rise. Gatwick has raised similar concerns about steep rate increases jeopardising expansion.
Read at Business Matters
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