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BRC: Business rates increase is key time

Date Added: 25/01/2012  

An increase in business rates that is set to come into effect in a few months time will post problems for companies, according to the British Retail Consortium.

Sarah Cordey, spokeswoman for the body, stated rates will be going up by more than five per cent, which she described as a "mammoth" hike.

"For all retailers, an increase of 5.6 per cent at a time of such small sector growth generally will be tough," she said, adding the increase comes into effect at the start of April, which means it is set to coincide with another quarterly rent payment that is due at the end of March.

Ms Cordey pointed out this means some retailers will fail in the coming months, with a spate of winding up orders expected to be served in the near future.

Research recently released by Ernst and Young showed the final quarter of 2011 marked the biggest jump in profit warnings for UK businesses in a decade.

Need advice on Winding up Orders? Call 0800 9020123

Posted by Julie Cutts

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