Business rates could rise by £1.95bn in ‘bleak picture’ for UK retail and hospitality

Inflation-linked increase next year would be ‘final nail in the coffin’ for many businesses, trade bodies warn

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High street shops could see their business rates bill increase by up to £1.95bn next year because the rate charged is linked to inflation.

Hospitality industry leaders warned the expected rate rises would “undoubtedly be the final nail in the coffin” for many businesses which have already been squeezed by the rising costs of labour, energy and ingredients.