Business rates in the UK are set to reach their highest level in 25 years, sparking urgent calls for reform from industry leaders.
The upcoming increase will see rates climb to 54.6p in the pound for larger properties and 49.9p for smaller ones.
The British Property Federation warns that these unsustainable rates have contributed to increased shop vacancies and declining high streets.
They advocate for a phased decrease from 55% to 35% of rateable values.The Confederation of British Industry has launched a report proposing solutions for a more competitive and transparent system.
Meanwhile, the retail sector, already under pressure, faces significant impacts from these increases.
While the government has committed to reform, its insistence on revenue neutrality has been criticised as limiting meaningful change.
As businesses prepare for the rate hike, pressure mounts for substantial reforms to support economic growth and investment.
