King’s Speech: Labour kicks business rates reform into the long grass – London Business News | Londonlovesbusiness.com

We are very disappointed that there has been no mention of business rates reform in the King’s Speech today since this indicates this is not a priority for the new government and goes against its pledge to abolish the tax and support the high street.

After more than 30-years of mismanagement from successive governments, we now have a system with a multiplier at over 50p in the pound.

Which effectively means a 50% tax on property occupation, a complicated relief system with business rates deserts in some parts of the country and an appeal system that’s inefficient, lacking transparency and increasingly difficult for businesses to negotiate without an adviser.

The current system is just not fit for purpose. This situation is unsustainable.

With declining high streets across the country, there is no excuse for the new government to avoid addressing the business rates problem or to introduce significant reform. We urge them to act soon.