Statement on business rates ahead of the Spring Statement

Statement on business rates ahead of the Spring Statement

“Whilst small business rates relief remains, larger retail, hospitality and leisure businesses in Suffolk will take a hit on 1^st April when the current discount is reduced to 40%.

“But aside from all this chopping and changing with reliefs, which merely adds to business uncertainty, there is a more systemic and negative issue associated with business rates. As an input tax, they  take absolutely no account of the turnover or profitability of a business and frequently act as a disincentive to investment.

“Suffolk Chamber of Commerce believes that it is high time that they were replaced with a fairer and more equitable output tax.

“It is a source of ongoing frustration that political parties promise to deliver a new system when in Opposition, but then shy away once they form the Government.”