Sir Peter Rogers, Chairman of New West End Company, said: “While the business rate hike was expected, it has only reasserted the need for reform. Retailers in London’s West End & Mayfair will once again be hardest hit, paying the lion’s share of Westminster Council’s £2bn business rate collection. Funding more than a quarter of all business rates when their sales only account for 6% of GDP highlights the huge disparity with the current system.
“If business rates continue in their current state, we will only see more high street closures this year, putting tens of thousands of jobs at risk. We are calling on the government to urgently reform this outdated tax and to take action to ensure the future of the nation’s high streets.”