"Eurotunnel, the operator of the Channel Tunnel, has halted its UK projects, claiming "unsustainable" levels of taxation has made any future investments "non-viable". The company said it had been informed its business rates would increase by some 200% from next year. It hit out at the government, arguing that the higher costs were "clearly contrary" to ambitions of growing the economy and increasing investment."
"A spokesperson for Eurotunnel said such a hike in business rates, along with other taxes, could put its total tax level at about 75% on UK earnings. The VOA told the BBC the body "does not determine business rates" and that "next year's liability has not yet been confirmed". "This unparalleled and unsustainable level of taxation makes any future investment in the UK non-viable," the Channel Tunnel said."
Eurotunnel has halted UK projects and announced a freeze on future investments in railway assets starting in 2026, citing what it calls an unsustainable tax burden. The company reported it was informed its business rates could rise by about 200% next year. A spokesperson warned that that hike, combined with other taxes, could push total tax levels to roughly 75% of UK earnings. The Valuation Office Agency carried out new calculations used for valuations and taxation but stated it does not determine business rates and that next year’s liability is not yet confirmed. The Treasury pledged support for firms hit hardest and ongoing talks with affected industries.
Read at www.bbc.com
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