HM Treasury’s to delay Fundamental Review of Business Rates

Commenting on the delay to HM Treasury’s Fundamental Review of Business Rates until autumn, BCC Head of Economics Suren Thiru said:

“Delivering fundamental change to this longstanding drag anchor on business has become only more pressing in light of Covid-19.

“Delay in reforming a broken system will hamper any recovery by exacerbating business cash flow concerns as part of the fixed cost base that firms can do little to push downward.

“The delay in the review underscores the need to urgently extend business rates relief for retail, hospitality and leisure and provide rates relief to all firms whose ability to generate revenues are severely impaired by the pandemic.”