Commercial property outfit GVA has called upon the government to return an estimated £1 billion in savings to ease the hardship suffered by firms worst-affected by a business rates revaluation postponement.
According to GVA, which has its regional office in Birmingham's Brindley Drive, the government will make a massive £1 billion saving as a result of not having to pay transitional relief payments because of the decision.
Despite protests from industry, the coalition is highly unlikely to change its decision to delay the 2015 revaluation.
This has prompted GVA to call for a business rates freeze until 2017 to help firms suffering the continued hardship of high payments because of the deferment.
It also stressed the government should ease the rates burden on businesses that have suffered through the revaluation being deferred for two years, and increase empty rates relief for two-years to pre-April 2008 levels.
Graham Knight, GVA regional director, said: “The revaluation deferment is creating continued hardship for businesses in some of the worst affected areas of the UK.
“Here in the Midlands, we would have seen a fall of at least 20 per cent in rateable values for industrial properties, based on deals done in 2013.
“This is not limited to just industrial properties, however, and it is important to point out that all sectors in the region are suffering. Solutions exist however. We’re calling on government to give some further thought to this matter.”
