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London, 4th December 2013 - Commenting on the news that George Osborne will unveil plans to cap business rate rises to 2% and extend the small business rate relief, Tim Beattie, Head of Jones Lang LaSalle’s Ratings team, commented: “Business will warmly welcome today's unexpected news that next year’s rate multiplier will be capped at 2% and that the small business rate relief scheme will be extended if it is confirmed by the Chancellor tomorrow.
“If repeated next year the rate multiplier will stay below the politically sensitive 50p (50%) threshold outside London, which could prove a powerful political tool ahead of the General Election. The Chancellor’s plans are a response to intense lobbying by the retail sector in particular. However, this still does not satisfy two other industry demands for a reversal of the punitive empty rate regime and the reinstatement of the 2015 rating revaluation.”
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