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Firms to 'pay the same' even after rates review

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The Treasury's review of business rates, announced yesterday, has been called into question as it will be fiscally neutral, meaning the amount generated from the tax will remain the same. Business rates generated £20bn for the Treasury in the last financial year but businesses claim the levy is outdated, blocking investment and damaging high streets. Helen Dickinson, director-general of the British Retail Consortium, welcomed the review but called for an independent figure to review the findings. British Property Federation chief executive Melanie Leech said: 'We would urge all parties to consider a wider definition of what is 'fiscally neutral', considering how rates may change from year to year but still raise a similar amount across the business cycle, or through the greater economic activity that business rates reform will encourage.'

 

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