North West Leicestershire has seen the biggest increase in business rates over the last five years, according to new research.
The study by BPI Asset Disposal Solutions, which sent out Freedom of Information requests to 317 local councils to discover the “average annual business rates costs, or current liability payable over the last five years” and “the total value of the business rate relief granted in 2022” has also found that, on average, business rates rose by 18 per cent in 2022 compared to 2021.
Over £2.6 billion in business rate relief was also offered to businesses last year.
Of the 155 councils that responded and recorded the information, North West Leicestershire Council came top for the biggest percentage increase in business rates, with a reported 29 per cent increase across the last five years. Great Yarmouth Borough Council saw a 22.19 per cent increase across the same time period, followed by the London Borough of Lambeth (19.27 per cent).
The council with the biggest decrease in businesses rates from the last five years was Newcastle upon Tyne City Council, with a reported 99.9 per cent and a total of £33 million saved in 2022, followed by Monmouthshire Council (-34.03 per cent) and South Gloucestershire District Council (-32.96 per cent).
“We understand that many businesses are feeling the impact of the ongoing economic uncertainty and cost of living crisis, so we wanted to understand what additional support businesses could be utilising to help through these difficult times,” said Henry Spencer, operation director at BPI.
“If you are struggling with rising business rates and are unable to take advantage of the relief available, reviewing your current plant and machinery, excess stock and other business assets and streamlining this will save you space and allow you to enhance your cashflow. Selling them through a commercial disposal specialist means you could have the cash in your bank in just a few short weeks.”
The top 10 councils which saw the biggest percentage increases in business rates charged:
- North West Leicestershire (29.13%)
- Great Yarmouth Borough Council (22.19%)
- London Borough of Lambeth (19.27%)
- Dumfries and Galloway Council (16.24%)
- Swale Borough Council (15.02%)
- London Borough of Hackney (14.66%)
- Ashfield District Council (13.63%)
- Thurrock Council (12.44%)
- Central Bedfordshire Council (12.17%)
- North Lanarkshire Council (11.49%)
The top 10 councils which saw the biggest percentage decreases in business rates charged:
- Newcastle upon Tyne City Council (-99.92%)
- Monmouthshire Council (-34.03%)
- South Gloucestershire District Council (-32.96%)
- South Hams District Council (-26.96%)
- Broadland District Council (-26.11%)
- Rushmoor Borough Council (19.99%)
- Nottingham City Council (19.84%)
- New Forest District Council (19.09%)
- Argyll & Bute Council (-17.14%)
- Elmbridge Borough Council (16.29%)