Thursday 30 March 2023
Richard Burge, Chief Executive of London Chamber of Commerce and Industry (LCCI), said: “We are pleased that the Government has taken the first step towards delivering on its long awaited programme of business rates reform. We have long maintained the need to reform business rates to encourage investment and address the imbalance of the burden carried by brick-and-mortar businesses that keep our high streets alive. Today’s announcement goes some way towards restoring faith in the Government’s pro-business agenda and our members will be particularly pleased to see the move to a three-year cycle, which will help to moderate changes in rates and demonstrates the Government’s commitment to support investment in property improvements.
“However, while these are positive developments there is more to be done to bring our business rates system into the 21st century. Taxation via business rates is a total anachronism. We are long overdue a complete review and reform of all business and commercial taxation, the majority of which are no longer fit for purpose. The government needs to go further with its planned programme of business rates reform to bring about favourable trading conditions that encourage the return of business confidence and investment. Only then will we see the UK set foot on the road to recovery and healthy high streets across the country.”
ENDS