More than two in five of businesses say they are worried about the forthcoming revaluation of business rates, according to a survey carried out by London Chamber of Commerce and Industry (LCCI) last month.
The figure rises to 55 per cent among those employing ten or more people with a third of all businesses saying they didn’t know.
The survey, carried out in partnership with ComRes, also found that although the new rates are due to be announced in October and come into effect in April 2017 there was a lot of uncertainty around the issue.
Half of those surveyed in the snapshot of more than 500 businesses said they didn’t know whether Business Rates Supplements have a role to play alongside other funding sources in funding infrastructure developments that business stand to benefit from.
Similarly, 42 per cent said they were unsure if giving more control of business rates to London local government would have a positive impact on their business and 40 per cent didn’t know whether the business rates their business pays were fair. LCCI chief executive Colin Stanbridge (pictured) said: “The results suggest that there isn’t enough clarity around the subject.
“While LCCI welcomes the devolution of business rates in principle and recognises the role that businesses can play to fund infrastructure that benefits their locality, the Treasury needs to outline how reforms will work in London given the Business Rates Supplement that is already in place. The government must ensure that implementation is done transparently and in consultation with the capital’s local businesses who are stumping up or we run a very real risk of businesses shutting up shop and moving out of London.”
Katharine McGee, Media Relations Manager at LCCI