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Business rate rise 'to hit BT bills' Business rate rise 'to hit BT bills'
(35 minutes later)
Consumers and businesses are facing higher media bills after the government's new "rateable values" increased BT's business rates fourfold. BT has condemned "excessive" new businesses rates which will mean bigger bills for consumers and firms.
The Valuation Office Agency has proposed new rates for companies in England and Wales from 1 April 2017. The charges will come in from 1 April 2017 and will push up BT's annual rates bill fourfold, from £165m to £743m.
BT's annual rates bill for England and Wales will climb from £165m to £743m. "We are extremely disappointed by the new rateable values which are clearly excessive," BT said.
"It is highly likely that an increase of this size would lead to higher prices for consumers and businesses," the telecoms giant said. On Friday, the Valuation Office Agency (VOA) published revaluation details of 1.96 million non-domestic properties in England and Wales.
"We are extremely disappointed by the new rateable values that have been published today and which are clearly excessive," the company said in a statement. But BT said: "It is highly likely that an increase of this size would lead to higher prices for consumers and businesses."
It warned that if the proposed new rates are brought in, "it could have a negative impact on future investment in the network". The telecoms giant warned that if the proposed new rates are brought in, "it could have a negative impact on future investment in the network".
That point was echoed by Virgin Media chief executive Tom Mockridge, who said: "The Chancellor Philip Hammond is choosing to side-step responsibility for a huge increase in infrastructure taxes, at the very moment after the Brexit vote the UK needs to maximise investment into its digital fibre network."That point was echoed by Virgin Media chief executive Tom Mockridge, who said: "The Chancellor Philip Hammond is choosing to side-step responsibility for a huge increase in infrastructure taxes, at the very moment after the Brexit vote the UK needs to maximise investment into its digital fibre network."
The government has revalued 1.96 million non-domestic properties in England and Wales. BT said it will challenge the VOA's "method and assumptions".
The proposed new rateable values are based on the rental value of properties on 1 April 2015 and will be used to calculate business rate bills from 1 April 2017. "The Government has made it clear that it wants companies such as BT to invest heavily in the UK. We have stepped up to that challenge but we need a more joined up and logical approach from the public sector if there is to be a more conducive environment for investment," the company said.