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Leaders of major retail businesses have written to chancellor Jeremy Hunt calling for a freeze in business rates in the upcoming budget, according to the Times.
The CEOs of 44 of the UK’s biggest retailers such as Aldi and Ikea believe that more than £400m would be added to rates bills if the “multiplier” used to determine commercial property tax was applied.
Business rates are linked to September’s inflation figure and the tax will be published before the budget on 22 November.
The British Retail Consortium (BRC) stated that 70% of its members were “very concerned” at the prospect of a rise, warning about the impact on investment, jobs and prices.
In a letter seen by the Times the leaders stated: “An increase to costs at this level could lead to upwards pressure on prices, just as shop price inflation has begun to ease.”
Helen Dickinson, BRC CEO, said: “With shop prices inflation having eased for three consecutive months, it is vital that the government does not undermine this progress. A £400m rate rise will also cost jobs, harm the economy and damage the vibrancy of our town and city centres.”
