Business Rates system hampering investment
Our response to the Valuation Office Agency’s (VOA) revaluation details of 1.96 million non-domestic properties in England and Wales.
Rain Newton-Smith, CBI Chief Economist, said:
“Some of the unsustainable increases in business rates bills highlight how the current system hampers productive investment, a key driver of prosperity.
“More regular revaluations can ensure rates bills don't see such dramatic jumps, and remain responsive to local economic conditions. The Government should also consider transforming business rates by removing plant and machinery investments from the system, which could help raise productivity
“We will be looking for further reforms to business rates from the Autumn Statement, so they don’t act as a drag on growth and productivity during uncertain times when business investment is so important.”