"All of the users of the tunnel pay for access. When business rates go up, that's split amongst the different users, said John Keefe, director of public and corporate affairs. At this stage, the numbers aren't one hundred percent known, because we're hoping we can talk a bit more with the government about this But there is a mechanism whereby everybody contributes."
"Since 2017 we've had, over three valuations, a nine-times increase This time it's gone up, multiplied by three, from 22 million to 65 million. It needs to be based on what business can actually pay Because if you take all the money in business rates, there's nothing left for investment While we're hearing leading up to the budget, 'growth, growth, growth', nobody can invest at that level."
A business rates revaluation will increase Eurotunnel's payments from £22 million to £65 million from April. The change creates an effective 75% tax rate on new investment, reducing funds available for upgrades and expansion. Increased business rates will be split among tunnel users, raising access charges for train operators and likely leading to higher fares for passengers. Rail freight operations will face higher costs and the planned reopening of Barking freight yard in east London will be dropped. The Valuation Office Agency has not provided a clear explanation of how the new valuation was reached. The rise follows multiple steep increases since 2017, constraining future investment.
Read at www.standard.co.uk
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