"Nearly nine in ten manufacturers reported an increase in their rates for April, with two thirds seeing rises of up to 20 per cent. More troublingly, almost one in five companies face increases of between 20 and 50 per cent."
"Verity Davidge, policy director at Make UK, described the current system as outdated and called the increase a hammer blow to one of the government's priority sectors."
"Nearly a quarter of manufacturers rank business rates as their second-largest cost, while one in ten say rates represent their single biggest expense."
"Make UK's modelling suggests the squeeze could put approximately 25,000 jobs at risk as firms consider reducing headcount to absorb the hit."
Britain's manufacturing sector is set to experience a £939 million annual increase in business rates, significantly impacting an industry already burdened by high energy bills and employment costs. Nearly 90% of manufacturers reported rate increases, with many facing rises of up to 50%. The timing coincides with energy contract renegotiations and new national insurance contributions. Business rates are a major financial concern, with many manufacturers ranking them as their second-largest cost, potentially risking 25,000 jobs as firms may reduce headcount to manage expenses.
Read at Business Matters
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