- UK business rates the most unattractive factor to investing in the UK, according to poll of 130 retailers
- If the retailers polled had chosen to expand in the UK, they would have generated 75,000 new jobs
- Shopping centre owner Intu and Revo are meeting with MPs today
Almost three-quarters of international retailers are opting to expand outside of the UK because of the onerous business rates system, according to new research.
The findings come as many UK retailers face bill increases through the rates revaluation in April.
The survey of 130 international retailers, carried out by retail research firm Conlumino and commissioned by shopping centre owner Intu and Revo (formerly known as the British Council for Shopping Centres), reveals that business rates were rated the most unattractive factor to investing in the UK.
Respondents said the fixed property tax prevented them from entering the country.
If the retailers polled had chosen to expand in the UK, they would have generated 75,000 new jobs, £11.9bn in rent and contributed £6.7bn a year in rates and income taxes, the research suggests.
Intu and Revo are meeting with MPs today to urge the Government to address the concerns of international retailers looking to expand in the UK.