In recent days, a prominent real estate group has called on the British Chancellor, Philip Hammond, to “freeze business rates” in his upcoming Spring Statement.
The call comes after research found that, under existing plans, hundreds of thousands of small and medium-sized enterprises (SMEs) are facing increases of more than three per cent from as soon as April this year.
Real estate research and advisory firm Altus Group, which commissioned the research, claims that 242,000 SMEs are facing an increase of around three per cent.
The group adds that around 52,500 firms will be hit with a hike of more than 20 per cent – which could prove problematic for many struggling businesses.
Alex Probyn, President of Altus Group, warned that the above-inflation hikes, which are on the cards for April 2018, will hit many small businesses hard unless the Chancellor intervenes on Tuesday 13 March.
“The past few months have seen a stream of collapses across both the retail and hospitality sectors with many others teetering on the brink or considering large scales closures,” he said.
“Historically, the spring is when Chancellors have made key fiscal decisions so it’s not too late for a freeze in inflationary rises to help cushion the blow for those in transition amidst challenging trading conditions,” he added.