Chancellor George Osborne has pledged that the Government will carry out a review of business rates, which have “not kept pace” with the economy.
The Government’s promise of a “radical” review of business rates is one of the most welcome of this week’s Budget announcements.
Bond Street, Oxford Street and Regent Street are likely to be hardest hit by the next business rates revaluation which is expected to increase their bills by 80%.
The president of the Confederation of British Industry (CBI) is calling for an independent review of the “uneconomical, unsustainable and unintelligible” business rates system.
The ongoing Extinction Rebellion climate change protests in London have cost the city’s retailers £12m over the last two days, according to the New West End Group.
The BRC has said the UK retail industry has a much lower gender pay gap than many other industries but that “a single figure on its own is not a reflection” of the industry’s diversity.