"The current system of business rates is outdated and is a blunt instrument that leaves manufacturers paying disproportionately more than other sectors relative to their size."
"This increase couldn't come at a worse possible time and is set to hammer one of the government's key strategic sectors which is already facing existential threats from increased energy and employment costs."
Manufacturers in Britain will incur an extra £940 million annually in business rates due to recent changes implemented by Rachel Reeves. This increase disproportionately affects manufacturers, who occupy a significant portion of property by rateable value. The chancellor's budget included a surcharge for buildings valued over £500,000. While some sectors received discounts, MakeUK argues that manufacturers also need support, especially amid rising energy costs. The current business rates system is deemed outdated and burdensome for manufacturers, threatening their survival during challenging economic times.
Read at www.theguardian.com
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