A group of 44 retail leaders across the industry have written to the chancellor of the exchequer, Jeremy Hunt, to call for a freeze in business rates as part of his autumn statement.
The letter highlights that, without action from Hunt, retailers could see an increase of more than £400m a year to their bills as the business multiplier will rise in April next year in line with the September inflation figure, which is anticipated to be more than 6%.
The letter comes as a recent survey of British Retail Consortium (BRC) members showed that 68% of retailers were “very concerned” about the business rates increase and 69% said it would place “significant pressure” on the prices paid by customers as a result.
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