Let-down: Business leaders have been calling for a complete overhaul of the rates system for years
A hefty hike in business rates will go ahead after pleas for help from hospitality and the High Street fell on deaf ears.
The levy – charged on commercial properties including shops, pubs, offices and warehouses – rises 6.7 per cent on April 1.
That will add £1.7billion to bills in England alone, says property consultancy Gerald Eve.
Business leaders have been calling for a complete overhaul of the system for years, and urged the Chancellor to act.
He did not respond, sparking fury among bosses who pointed out the increase is based on September’s out-of-date inflation figure of 6.7 per cent.
Currys chief executive Alex Baldock said: ‘It’s no wonder that more and more stores are having to close their doors when you look at all the costs retailers are facing.
‘It’s bitterly disappointing that the Chancellor has yet again failed to address retailers’ business rates burden.’
He warned there would be ‘higher inflation, lower growth and fewer jobs’ as a result.
Marks and Spencer boss Stuart Machin this week said a rise was ‘economically illiterate’.
From April, companies will pay 54.6p for every pound that their property is worth, after four years of paying 51.2p.
Inflation has significantly dropped since September, to 4 per cent in January. Helen Connolly, boss of fashion chain New Look, said: ‘Retail is unanimous in its view that the business rates system is not fit for purpose and needs fundamental reform.’
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