Reverse the rating revaluation postponement

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Reverse the rating revaluation postponement

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As part of the proposed Growth & Infrastructure Bill, the Government plans to postpone the 2015 rating revaluation until 2017. This could have a catastrophic impact on the UK's High Streets.

Under the proposal, businesses will continue to pay business rates based on property values in 2008, which have fallen significantly in the last four years, particularly in the retail sector.

For some town centres, this could be the final nail in the coffin.

The rental values of the losing retail locations will reduce further with capital values also falling, resulting in possible defaults on loans and repossessions/administrations. Retailers will no longer be in a position to take new units and empty units will remain so for the next four years, until a proper revaluation is undertaken.

We would urge the Government to reverse its decision to postpone the rating revaluation from 2015 to 2017 and in doing so help to save our High Streets.

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