The Forum of Private Business (FPB) has called on Chancellor George Osborne to scrap the 2.6% increase in business rates planned for April, in his forthcoming Budget.
Research conducted by the business group has revealed business rates to be the least popular of all business taxes, with 94% of businesses reporting that the rates are too high.
Business rates are currently linked with inflation, a fact which resulted in a 5.6% increase in rates last year.
However, the FPB is urging the Chancellor to consider capping further rises at 2% for the next two years.
Commenting on the Forum’s Budget submission, Alex Jackman, FPB Head of Policy, said, ‘By scrapping business rate rises this April and capping them at 2% over the following two years, the Government can help with both cash flow and certainty for financial planning. It would also encourage businesses to consider local council proposals on supplementary business rates with more open minds’.
The organisation has also emphasised the need to improve credit for those businesses that need it the most, both through boosting traditional SME lending routes and by encouraging new forms of lending.
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