The Treasury Committee launches a new inquiry into Business Rates to scrutinise how Government policy has impacted business.
The Committee examines how Business Rates policy has changed, including Business Rates retention, alternatives to property-based taxes, such as the proposed digital services tax, and how changes to Business Rates could impact businesses.
Commenting on the launch of the inquiry, Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, said:
“Many high street businesses are struggling to remain competitive. It has been estimated that 10,000 shops will close this year. Unless action is taken, closures could continue and job losses may soar.
“Business Rates can represent a substantial financial burden on the high street. The Treasury Committee is therefore launching an inquiry today into the effectiveness and impact of these rates on business.
“We’ll examine how the current system is working and consider whether an alternative system, for example a land-value based tax, may help level the playing field between retailers.
“At the end of the inquiry, we’ll make a series of recommendations to Government on the fairness and effectiveness of the current system, and how it could be improved.”