The CBI today responded to the Government’s announcement on transitional arrangements for the 2010 business rates revaluation.
John Cridland, CBI Deputy Director-General, said:
“We’re concerned by the Government’s announcement on business rates today.
“Although business rates will fall overall, in some areas of the country they will rise sharply, which is worrying at this critical time for the economy.
“We called for the Government to cap business rate increases at lower levels than those announced today. For example, we called for a maximum rise of 7.5% for larger properties, but the Government has announced a maximum of rise 12.5%. This is worrying.
“We’re particularly concerned about the potential for sharp rises in business rates in London, where properties were revalued near the height of the market. Given the economic situation, a significant rise in business rates could make a critical difference to companies trying to survive the recession.”
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