intu welcomes call for complete reform of UK business rates system
David Fischel, intu’s chief executive has welcomed the emphasis given to fundamental reform of business rates in the recommendations of the BIS select committee report on the retail sector (4 March 2013).
David said: “I am glad that the committee unanimously agreed with points made by intu and many others that reform of the current business rates model is an essential requirement to growing the UK retail sector which is a strong driver for economic growth and employment, especially for young people. These economic and social benefits are undermined by the current method of calculating business rates which disproportionately penalises owners and occupiers of retail property.”
intu was further encouraged by the committee’s conclusions acknowledging the influence of business rates as a key factor in retail property investment decisions and giving support to widespread lobbying which, while welcoming the Government’s response in the last Autumn Statement to review the administration of business rates, demanded more fundamental reform. intu, underlining the points made in its own submission, looks to Government to respond quickly and positively to the business rates recommendations made by the committee.
