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News Release

London

JLL Retail responds to Chancellor's business rates announcement


Commenting on today’s announcement that local councils will be able to keep all business rates, Tim Vallance, Head of Retail and leisure at JLL, said:  “We have had several reviews and some tinkering of the rates system over the past couple of years, but at last it seems that long overdue fundamental change is being made. The unwieldy and bureaucratic business rates model has been a hindrance to many retailers post-recession, most notably as a result of the time lag between rating revaluations and the one size fits all approach. With adequate protections in place it makes sense for councils to have more power and control over rate setting as they of course have a better understanding of their local economy. Theoretically, these headline changes could lead to a retail renaissance making our high streets happier, healthier and far more reflective of local demand, but we will see how this will work in practice when the full detail becomes apparent. ”