09 Sep 2024
The Confederation of British Industry (CBI) has urged the government to fix the 'antiquated' business rates system in England in order to 'boost investment and grow the economy'.
Businesses from across England told the CBI that the current business rates system is 'too complex' and added that it is also 'unpredictable and unfair'.
The CBI said businesses want to see a fair and balanced approach to business rates reform, creating a bridge between the current system and long-term systemic changes.
Rain Newton Smith, CEO of the CBI, commented: 'It's time to fix the antiquated business tax system once and for all, seizing the chance to boost investment and grow the economy. The current system is simply not fit for purpose, and enduring inaction has hurt firms across the country.
'Businesses want a system built on certainty, simplicity, competitiveness, transparency and fairness. Together with members, the CBI has developed cross-economy solutions to establish a business rates system that helps, not hinders our growth ambitions. At the Autumn Budget, firms will be looking for an investment-friendly, tailored approach to business rates, with streamlined reliefs and more transparency.'