Mipim: Business rate rises ‘will put Crossrail jobs lift in reverse’

Business rate hikes will damp the economic benefits of Crossrail in London, the New West End Company said.

Part of the economic benefit from the arrival of Crossrail in London will be dampened by jumps in business rates, the New West End Company suggested earlier at the Mipim conference.

West End retailers are hoping to see a surge in sales from the prospect of 200 million passengers annually using the Elizabeth Line when it opens in 2018.

But Sir Peter Rogers, chairman of the NWEC which represents hundreds of traders in the area, told the Standard: “Crossrail is bringing in new jobs which is great, but the rates changes (from April) could see some job losses in the retail and restaurant sectors as companies trim overheads to cope with the hike in their bills.”

Rogers called on Chancellor Philip Hammond to look at a “meaningful” way for a rates reform.

He said that a hot topic at Mipim had been rates, with a number of landlords worried about the impact for tenants in London from the looming rates increase. The capital will have by far the biggest rises of any region in the country.