New West End Company calls for post-Brexit rethink on business rate rises

The Government has been urged to scrap a planned revaluation of business rates to ease the pressure on London retailers already struggling with Brexit uncertainty.

From 2017, business rates — the annual tax companies pay on their property — will be based on rents on April 1 last year.

But the New West End Company (NWEC), which represents Oxford Street, Regent Street and Bond Street and wrote to Chancellor George Osborne today, said that will mean a £150 million, or 80%, rise for retailers on its patch and could stymie the district, which generates as much gross value added as Wales.

Chairman Sir Peter Rogers added: “Britain’s vote to leave the EU has created significant economic doubt. In these times of insecurity, our major economic engines need to be supported more than ever.”

The NWEC wants a move “at the very least” to transitional relief with rises capped at 12.5% to spread the cost over a number of years. Fenwick boss Mark Fenwick backed the NWEC, warning current plans could prove detrimental to investment in the area and eventually affect jobs.

The Evening Standard is also calling for business rates reform.