Fears that london firms are due £370 million business rates hike

Reports suggest that business rates for firms operating in London could spiral to new highs next year, due to the impact of rising inflation on tax bills and day-to-day costs.
According to City A.M., many London firms are bracing themselves amid fears that business rates could rise by as much as £370 million after the September rate of inflation is used to calculate the revision of rates in April 2018.
It is thought that inner London boroughs will fare particularly badly, paying an additional £274 million towards the City’s total business rates bill under these circumstances.
Meanwhile, areas such as Westminster will see bills jump by £47 million, while those in the City of London are likely to see their business rates rise by as much as £94 million.
In recent days, the British Chambers of Commerce (BCC) has called on Chancellor Philip Hammond to ‘freeze’ business rates rises for two years in a bid to restore confidence to British businesses and boost productivity.
The group has said that the Chancellor ought to ‘halt’ next year’s planned rise, and that it should commit to keeping the UK’s corporate tax rate fixed at 19 per cent at this “critical moment for the UK economy,” right up until Britain has fully left the European Union (EU).   

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