The CBI's paper looks at how the UK can create a tax system that allows businesses to invest and grow.
01 Oct 2018, 1 min read
The CBI submitted a report to government, presenting the evidence base on the true cost of a broken business rates system to business and to wider society, and outlining short and long term recommendations needed to fix it.
The report was sent to every single MP, highlighting the impact business rates are having in constituencies across the UK.
Key findings:
- In an increasingly digitalised world, it has never been a more crucial time for the Government to act and set out a path for reform to the broken business rates system.
- Changing business models and consumer preferences together with weak business investment and subdued growth are providing a challenging adjustment period for businesses reliant on commercial property. It is therefore vital that the tax system supports this adjustment for all sectors and regions across the economy, and not hamper investment decisions that are critical to future growth and prosperity.
- There are some immediate changes the Government should implement, before taking a closer look at how the business rates system is operating, with the long-term goal of developing a taxation model that is fair and effective across the whole economy.