Delays to the business rates revaluation will cost the regions an extra £2.9bn, with the north of England and Midlands footing 80% of the bill, according to research by Bilfinger GVA.
Existing rates liabilities use values set in 2008 at the peak of the market. A revaluation should have come into force today, but government delays have forced tenants to pay the existing rates for a further two years.
The North West will be hardest hit, costing the region an extra £682,000, while Yorkshire and Humber face paying a further £539,000, according to Bilfinger GVA, based on the difference between present values and calucluations of what 2015’s revaluation would have looked like if it had come into force.
Only London wins, gaining £1.5bn by the government’s delay, although Bilinfinger GVA warned gains would be shortlived, with the capital facing some of the largest rises when new rates bills are issued in 2017.
Click on the map to expand for a detailed breakdown of how much rates deferment will cost each region.
