A third of London businesses will pay more in business rates than rent – LCCI

London Chamber of Commerce and Industry claim that around a third of London businesses say they will be paying more in business rates than rent next year.

The figures, revealed by City AM, were part of a survey conducted by the LCCI of more than 500 businesses. Unsurprisingly the survey also showed London companies were more likely to disagree than agree that the new business rate valuation they have received is fair, as they prepare to meet the new charges following the postponed revaluation coming into effect on April 1.

It has been estimated that over the next five years London Borough will be paying an additional 9.53bn due to the changes, which were re-evaluated in October for the first time in seven years.

In the Square Mile alone, companies expect to pay £2bn extra but London businesses have been shielded from additional hikes for years after the original 2015 revaluation was postponed, delaying inevitable rises linked to the increasing values of properties in the Capital since the last revaluation was conducted.