THE PANDEMIC has made the need to change business rates in the south east more urgent than ever.
This is according to the Confederation of British Industry (CBI) and Avison Young.
In a new joint report, the two organisations argue that Covid-19 has put many businesses under a lot of pressure.
And they warn that business rates will continue to rise at nearly 50p in the pound without reform, costing businesses at least an extra £6 billion over the coming five years.
Malcolm Hyde, the CBI’s south east director said: “It’s no secret that the Business Rates system in England is archaic and unsustainable.
“But the pandemic has fast-forwarded the need for wholesale change. The scale of economic damage from Covid-19, along with growing shifts towards online retail and remote working, is a heavy weight to bear for already struggling businesses.
“Left unchecked, business rates will continue to rise, sinking many investment plans and inadvertently growing inequality between England’s richest and poorest areas,” he added.
The CBI is calling on the Government to rethink the system, to encourage investment and support levelling up.