Two companies that have been the target of vehement attacks by Labour are set to be among the biggest beneficiaries of business rate reductions proposed by Labour leader Ed Miliband.
Two weeks after criticising Boots boss Stefano Pessina and in the midst of ongoing arguments about the behaviour of HSBC, Miliband has stated he will cut business rates for properties with a rateable value of less than £50,000.
This, according to Daniel Watney, will benefit up to 110 Boots shops as well as more than 5,000 banks, including HSBC.
Debbie Warwick, partner at Daniel Watney, said: “What we need is an overhaul of business rates to more frequent revaluations to more accurately reflect market changes between prospering areas and those lagging behind so that rates are more relevant.
“Furthermore, taking the smallest properties out of the system altogether would reduce costs to the smallest ratepayers and reduce collection costs for billing authorities.”
