‘Swift action needed’ over rates

The announcement follows Chancellor George Osborne’s promise in last year’s autumn statement that the annual tax would be overhauled.

Business leaders across the country have said for many years that the current business rates system is crippling them and stifling growth.

An online petition set up by The Gazette’s parent company Johnston Press calling for an overhaul of the business rates system was signed by more than 5,000 people last year.

Babs Murphy, Chief Executive of the North and Western Lancashire Chamber of Commerce said: “We are delighted Government is finally looking at a wholesale review of business rates. This is such an unfair tax which hits businesses across the country, before they’ve even made single pound in profit.

“While the Government is asking a lot of vital questions in this review – for business it’s simply actions speaking louder than words.

“A complete transformation is needed and hopefully delivered sooner rather than later. If not, this will be seen as a missed opportunity which will act as a huge brake on investment and growth.”

The review, launched by Chief Secretary to the Treasury Danny Alexander this week, will report back by next year’s budget.

He said: “Our system of business rates was created nearly 30 years ago. Since that time, the worlds of commerce and industry have changed beyond recognition. I’ve been impressed by the representations made by the business community and I know that business rates are a considerable cost.”