Autumn Statement 2014: Government plans to complete a long called-for “structural review” of the business rates regime by 2016 have been derided by the property industry.
In his Autumn Statement, chancellor George Osborne – who has previously announced plans to review the system – committed to a timeline that will see the government publish its initial findings at the end of next year, and extended a 2% rate cap for small businesses.
Mark Rigby, chief executive of rating specialist CVS, said the reforms were a “dog’s dinner”.
“You now have two reviews ongoing, and the long-term one has to be fiscally neutral, which means the overall difference doesn’t add up to a bag of beans,” he said.
Gerald Eve head of business rates, Jerry Schurder said the combined package of measures, which includes an increase in the discount for shops to £1,500, amounted to the “bare minimum”.
“When the bills land on the doorstep next April, they will still be higher than last year,” he added.
James Thompson, director of business rates at Deloitte, added: “I didn’t expect much from this statement and I haven’t been surprised.”
