BPF back business rates campaign

The British Property Federation (BPF) has lent its support to a new campaign calling for the government to cap any annual business rates increase at two per cent.

This would see any increase in business rates rise in line with current estimates for inflation, in a move that could support property and business owners in the UK.

The campaign has been put together by the Association of Convenience Stores, which is calling for the cap on business rates in the wake of Mary Portas' high street review.

According to the BPF, the current compounding effect created by linking business rates to the retail price index has seen costs double in the last 20 years.

Retail businesses are currently facing another rise in April, with business rates set to rise to 5.6 per cent.

BPF director of policy Ian Fletcher gave his support to the changes, noting that:"This damaging business rate hike will come at a time when retailers are fighting for their very survival."