Analysts predict ‘eye-watering’ business rates rise in 2016

Retailers face a 20% hike in their business rates next year according to analysts as retail relief for their businesses comes to an end.

Business rates expert Paul Turner-Mitchell said because chancellor George Osborne did not extend relief beyond its current timeframe in last month’s Autumn Statement, rates will rise from an average of £7,567 to £9,140.

Describing the rise as “eye-watering”, Mitchell said: “The Autumn Statement was terrible for the retail sector and those who have campaigned long and hard for the meaningful structural reform of the system.

“The scrapping of retail relief followed by yet another increase in a tax already the highest in the world and highly uncompetitive is a real kick in the teeth. The Government has just simply not listened.”