Rates squeeze: Firms are facing a ‘skyrocketing’ bill in April when a freeze on the property tax expires
Thousands of pubs, cafes and small shops will close unless the Chancellor announces business rates support in the Autumn Statement, a leading industry body has warned.
Firms are facing a skyrocketing bill in April when a freeze on the property tax expires, the Federation of Small Businesses (FSB) said.
It came as a coalition of business groups representing the hospitality, retail and leisure sectors also called for a freeze and an extension of the existing tax reliefs that they enjoy.
The 75 per cent business rates discount for retail, leisure and hospitality firms ends on March 31.
They said retail and hospitality sectors face a combined bill of £2billion if rates are not frozen and tax reliefs are not extended.
Allowing the rate rise to go ahead threatens the future of town centres, claim the organisations, including UK Hospitality, the British Retail Consortium and the Association of Convenience Stores.