"Having met with many independent business owners, they fear the cumulative impact of the rateable value revision and relief reductions. "In York, hospitality sees an average business rate rise of 41%, a music venue 44.4% and many independent shops increase around 27%. "It will mean doors closing and trade ceasing, they just can't do it. "So could the prime minister urgently review the business rate proposals, and will he ensure a minister or official attends my business rate summit at the end of January, as I want to avert a crisis on York's High Street."
"what further support and action we can take"
COVID-era business rate relief reductions and a reset of commercial property rateable values will increase bills for many hospitality and independent retail businesses. Scaled-back discounts in the November Budget reduce relief from 75% to 40% and remove discounts entirely from April, while a reduced multiplier has been offset by higher rateable values for some properties. Local examples show average rises around 41% for hospitality in York and 44.4% for a music venue, with many shops up about 27%. Labour MPs and industry warn of closures and seek urgent government review and further support talks.
Read at www.bbc.com
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