"From April 2026 the £1.7 billion reform will affect 5,000 commercial properties worth over £500,000 which includes superstores, holiday parks, restaurants and hotels."
"Helen Dickinson, chief executive of the British Retail Consortium, warned, "Introducing a business rates surtax would only add to inflationary pressures, leading to store closures and job losses.""
"Martin Sartorius, Principal Economist, CBI, said, "The retail sector remains in a prolonged downturn, with October marking the thirteenth consecutive month of falling annual sales volumes. "Firms reported that consumer confidence remains poor, compounded by elevated caution ahead of next month's Autumn Budget. Weak demand conditions were also reflected in further sales declines across wholesaling and motor trades. "Persistent uncertainty ahead of the Autumn Budget is deepening the strain on retailers and other distribution firms that are still grappling with the effects of last year's fiscal decisions. "To help rebuild confidence and encourage growth, the Chancellor should reaffirm her commitment to no further business tax hikes in November.""
A planned £1.7 billion business rates reform from April 2026 will target about 5,000 commercial properties valued over £500,000, including superstores, holiday parks, restaurants and hotels. Industry groups warn the change could lead to 120,000 job losses and up to 500 site closures as bills rise. Grocery and fresh food prices are increasing, with fresh food inflation at 4.3% in October. The retail sector is experiencing a prolonged downturn with falling annual sales volumes and weak consumer confidence. Industry calls include a commitment to no further business tax hikes and reconsideration of employment regulation changes.
Read at London Business News | Londonlovesbusiness.com
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