High Street left fuming by lack of motion on enterprise charges

Let-down: Business leaders have been calling for an entire overhaul of the charges system for years

A hefty hike in enterprise charges will go forward after pleas for assist from hospitality and the High Street fell on deaf ears.

The levy – charged on industrial properties together with outlets, pubs, workplaces and warehouses – rises 6.7 per cent on April 1.

That will add £1.7billion to payments in England alone, says property consultancy Gerald Eve.

Business leaders have been calling for an entire overhaul of the system for years, and urged the Chancellor to behave.

He didn’t reply, sparking fury amongst bosses who identified the rise is predicated on September’s out-of-date inflation determine of 6.7 per cent. 

Currys chief govt Alex Baldock mentioned: ‘It’s no surprise that increasingly shops are having to shut their doorways if you take a look at all the prices retailers are going through.

‘It’s bitterly disappointing that the Chancellor has but once more failed to deal with retailers’ enterprise charges burden.’

He warned there could be ‘higher inflation, lower growth and fewer jobs’ consequently.

Marks and Spencer boss Stuart Machin this week mentioned an increase was ‘economically illiterate’.

From April, firms pays 54.6p for each pound that their property is price, after 4 years of paying 51.2p.

Inflation has considerably dropped since September, to 4 per cent in January. Helen Connolly, boss of trend chain New Look, mentioned: ‘Retail is unanimous in its view that the business rates system is not fit for purpose and needs fundamental reform.’