// High streets in the UK expect an extra £3bn in business rates next year
// High streets are continuing to face further pressures as costs increase
Retailers on the UK’s high streets are expected to face an extra £3 billion next year in business rates.
High streets are continuing to face further pressures as costs increase and shoppers cut back on spending during the cost-of-living crisis.
Business rates are due to rise in line with inflation, which hit 10.1% in September.
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It means the overall business rates bill for companies across England is expected to increase by £2.7 billion to £30 billion from April, when the tax rises, according to property experts Altus Group.
According to the BRC, retailers alone are set for an £800 million tax hit next year as a result.
A Treasury spokesman said: “Our business rates review led to almost £7 billion of support to reduce the burden of rates over the next five years and brought about reforms which will make the system fairer, including further business rates relief and freezing the multiplier in 2022-23 to put the brakes on bill increases.”
