City firms brace for property tax hike

Nearly a quarter of a million firms will be hit with above inflation property tax hikes next year, according to new data.

Figures show 248,186 companies in England will face a business rates rise beyond 3.9 per cent next year, upping the pressure on Chancellor Philip Hammond to ease the financial squeeze on firms.

The data comes after the Office for National Statistics confirmed that business rates would increase by 3.9 per cent in 2018 in line with September’s Retail Price Index.