Overhauling business rates

[Re: UK lost 6,000 store fronts due to covid and ‘crippling’ business rates, July 28]

The British Retail Consortium is right to point the finger at crippling business rates for the devastating 6,000 retail closures in the past five years. However, this does not tell the whole story about the reform needed to aid both tenants and landlords.

The recent extension of business rates relief for retailers from 50 per cent to 75 per cent is welcome but short-sighted. It only helps smaller operators and, without any tapering relief, once it ends in April 2024 they face a huge hike in rates.

To reform the broken business rates system, at the very least the six months’ relief for empty industrial properties should be extended to the beleaguered retail industry. Properties are staying empty due to lack of demand, not because landlords are too greedy to let them at a reasonable rent. We also need to reform the method of calculating rates which is resulting in the highest rates bill in Europe. To help retailers navigate the twists and turns of the economic landscape, we need to see more frequent revaluations which consider the bigger picture.

Anything other than kickstarting comprehensive reforms will be kicking the can down the road.

Katherine Campbell

Reed Smith