// Two business groups have called on the government to make way for investment by reviewing the business rates system
// The Valuation Office Agency said almost 2000 appeals a week are made over business rates bills
The Institute of Directors and the CBI have called on Chancellor Sajid Javid for a business rates “holiday” to “clear the path” for investment.
The business groups urged Javid to launch a “comprehensive review” of the business rates system as part of next month’s budget.
The Institute of Directors wants the government to “clear the path” for investment by reducing business rates bills when companies refurbish, expand or relocate premises.
READ MORE:
- 2000 business rates appeals filed every week
- Beales paying £1m more in business rates than it should be
In a submission to the Chancellor, it said: “Businesses should not be discouraged from investing in or growing their organisations.”
Meanwhile, the CBI called on the Chancellor to reform a business rates system that “puts many parts of the UK economy at a competitive disadvantage”.
Last week, the Valuation Office Agency (VOA) found that almost 2000 appeals a week are made by companies over their business rates bills.
In the final three months of 2019, a total of 23,660 premises liable for business rates appealed over their bills.
CBI director-general Carolyn Fairbairn said: “At the start of this new decade, firms are feeling more optimistic and want to invest. This historic budget offers the chance to turn rising optimism into a surge in investment across the UK.
“Backed by a pro-enterprise Budget for skills, infrastructure and innovation, business can help kickstart a new decade of UK growth and job creation.
“And it is investment that will enable all regions of the UK to share in rising prosperity. It will put the UK on track to lead the world in innovation, clean growth and the industries of the future, from AI and robotics to agri-tech and life sciences.”
Click here to sign up to Retail Gazette’s free daily email newsletter
