Daily Mail

High St business rates woe

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RETAIL experts blasted the Chancellor’s failure to address support for struggling High Streets as they continue to battle crippling business rates.

Industry groups said Philip Hammond had missed a ‘golden opportunit­y’ to help, with more than 47,000 retailers facing a £128m hike to their rates bill from April 1.

Thousands of jobs have been lost as stores shut across the country. Now, rates are set to soar to 50.4pc of retailers’ annual rent payments, the highest level since the system was introduced in 1990.

The rates are based on the estimated rental value of a property and traditiona­l retailers are often subject to much higher bills due to the size of their stores and number of people they employ.

Helen Dickinson, chief executive of the British Retail Consortium, said it was disappoint­ing that the statement did nothing to support shops.

Analysis suggest the Treasury is set to rake in an additional £400m from business rates each year from this year until 2021.

Robert Hayton, at property adviser Altus Group, said: ‘The Chancellor missed a golden opportunit­y to help major retail and hospitalit­y businesses who are reducing their estates and headcount as well as manufactur­ers and the services industries hurting from current uncertaint­ies.’

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