High Streets UK (HSUK) – a pro-growth, nationwide partnership of flagship high streets representing over 5,000 businesses across the country, held its inaugural forum in Liverpool, which focused on business rates reform in response to the Government’s business rates discussion paper.
The session provided a platform to talk over the proposed changes and agree on policy recommendations to drive growth, while safeguarding our flagship high streets, the group has revealed.
Under the Government’s proposed business rates reform, properties with a rateable value of more than £500k could be subject to a business rates multiplier up to 10p higher than the current levy.
This would place a disproportionate burden on physical flagship high street locations risking the viability of properties in areas like Birmingham, Bristol, Liverpool and London. The upcoming 2026 revaluation adds further uncertainty, disincentivising near-term investment, HSUK says.
HSUK is calling on the Government to take urgent action to avoid unintended consequences such as store closures and job losses. Key recommendations include conducting a full impact assessment of proposed multiplier increases and freezing any hike in the higher multiplier until 2027/28 to provide greater certainty.
Dee Corsi, chair of HSUK, commented: “Flagship high streets are the economic and social anchors of our cities – they create jobs, drive local and national growth, and serve as vital hubs for communities. Moreover, within a high street ecosystem, it’s often the larger retail, leisure and hospitality units which drive footfall and spend in smaller neighbouring businesses. If you put these larger stores at risk, the impact will be felt across the entire high street.”
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