Annie Gascoyne, CBI Director of Economic Policy, said:
“It’s good to see the Treasury Select Committee’s report reaffirming the CBI’s position that the business rates system is broken and in need of urgent reform.
“Business rates - in their current form - are outdated, inflexible and unsustainable. By including plant and machinery within the scope, business rates are often the tipping point for investment decisions, risking vital initiatives such as decarbonising the economy and rolling out full fibre broadband to rural areas.
“At the last General Election, all political parties recognised the need to reform the business rates system. Firms hope that this commitment will be made in manifestos in the coming weeks.”