Submitted on Tuesday 28th February 2012
Published on Wednesday 29th February 2012
Current status: Closed
Closed: Tuesday 29th May 2012
Signatures: 80
Reverse or reduce the 2012 increase in UK business rates
An increase in UK business rates of 5.6% is currently planned to come into force in April 2012. This is based on a calculation made against the September 2011 RPI figure which experienced a spike at that point in the cycle. Since then the rate has fallen drastically but no account has been taken of this.
The proposed increase is the largest for 20 years and will be imposed in the middle of the biggest economic downturn since the 1930s. The result will likely be many more business failures, especially in vulnerable sectors such as retail, where the estimated cost will be in excess of £350M.
We the undersigned request that the proposed increase be urgently reviewed and consideration given to freezing rates bills at 2011 levels. Alternatively the current CPI figure should be used as the basis for any increase rather than the RPI from last September.
We further request that a full review be undertaken into the way business rates are calculated in the future.
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