Retail bosses have called on the chancellor to freeze business rates in his Autumn Statement.
In a letter signed by 44 big retailers, Jeremy Hunt was told that more than £400m would be added to rates bills if the “multiplier” used to calculate the commercial property tax was applied.
“An increase to costs at this level could lead to upwards pressure on prices, just as shop price inflation has begun to ease,” the retailers said.
The tax is linked to September’s inflation figure, which will be published before the statement on 22 November.
Signatories include Aldi, Asda, Boots, Sainsbury’s, Tesco, Ikea, Marks & Spencer, Lidl and Currys. The British Retail Consortium, which helped to co-ordinate the letter, said seven in 10 of its members were “very concerned” at the prospect of a rise.
