A third of UK firms are worried about their business rates, according to data from the British Chambers of Commerce (BCC).
Concern is at its highest since the BCC began keeping track. It is most acute in the hospitality sector, with manufacturing and logistics close behind.
Companies cite cost pressure from business rates as a key reason for increasing prices and delaying expansion of their premises.
The BCC is calling on the Treasury to rethink its plans for business rates as anxiety about changes to the system in April reaches record levels.
While the government has indicated it is considering a rethink on business rates for pubs, BCC research shows the disquiet being felt goes much wider.
Kate Shoesmith, Director of Policy and Insights at the BCC, said:
‘The Chancellor recognised in the Autumn Budget that the current system for business rates is broken and holding back growth.
‘But it is becoming increasingly clear that the changes she set out are not balanced and leave some sectors over-exposed.
‘While news of a carve out for pubs is welcome, there are many other smaller hospitality companies facing an existential threat. Meanwhile at the other end of the scale, airports and hotel chains are expected to pay millions more.’
Internet link: BCC website
