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Commenting on today's business rates revaluation, Tim Vallance head of JLL UK Retail, said: "The rate revaluation should have brought comfort to those retailers paying the highest rates in areas such as the East Midlands. However the transitional period, while helping those in London and the South East, will mean that those hit hardest will not see an immediate decrease in their higher payments. This simply serves to highlight the systemic inflexibility and weakness of the rates system with many retailers feeling they are being penalised for using a traditional property based model.
"This rating revaluation will not solve many problems for retailers and will only gradually alleviate cost pressures in secondary centres. The Government's proposals for more local power over rate setting may simply create a patchwork of different rate collection and revenue measures and may exacerbate the North South divide. More frequent revaluations will better reflect changes in market rents and demand for space and may give retailers some much needed relief from a very large financial headache."
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