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Business rates: Sainsbury's boss urges 'fundamental reform' Business rates: Sainsbury's boss urges 'fundamental reform'
(about 1 hour later)
The chief executive of Sainsbury's has called for "fundamental reforms" to business rates, amid concerns increases could spark High Street store closures.The chief executive of Sainsbury's has called for "fundamental reforms" to business rates, amid concerns increases could spark High Street store closures.
Mike Coupe called the system, pegged to property valuations, "archaic" and ignored the rise of online shops based in out-of-town warehouses.Mike Coupe called the system, pegged to property valuations, "archaic" and ignored the rise of online shops based in out-of-town warehouses.
His comments came after business groups urged ministers to lessen the impact of April's revaluation in England. From April the effects of the rate revaluations will be felt and business groups have been asking for help.
The government says the majority of firms will pay the same or less.The government says the majority of firms will pay the same or less.
There is a similar debate taking place in Scotland and Wales where rates are also being reassessed after April. Authorities in Scotland and Wales have also undertaken revaluations, the effects of which will also be felt in April.
Companies with properties concentrated in the south-east of England and urban centres are likely to be disproportionately impacted by the first revaluation since 2010.Companies with properties concentrated in the south-east of England and urban centres are likely to be disproportionately impacted by the first revaluation since 2010.
Retailers in some areas could face rises of up to 400%.Retailers in some areas could face rises of up to 400%.
But the government says although more than 500,000 businesses will see their rates increase, 1.34m will see a fall or no change.But the government says although more than 500,000 businesses will see their rates increase, 1.34m will see a fall or no change.
Reality Check: Are there more winners than losers on business rates?Reality Check: Are there more winners than losers on business rates?
Mr Coupe, boss of the UK's second-largest supermarket chain, urged the government to undertake a wide-ranging review of the way businesses are taxed, highlighting changes in retailing culture.Mr Coupe, boss of the UK's second-largest supermarket chain, urged the government to undertake a wide-ranging review of the way businesses are taxed, highlighting changes in retailing culture.
Mr Coupe said: "The way it currently stands, there is an advantage for those without bricks and mortar operations, so there's a strong case for a level playing field in business rates and taxation more generally.Mr Coupe said: "The way it currently stands, there is an advantage for those without bricks and mortar operations, so there's a strong case for a level playing field in business rates and taxation more generally.
"Businesses like ours with lots of property and employees face a bigger burden than others.""Businesses like ours with lots of property and employees face a bigger burden than others."
Referring to the revaluation plans, he said: "As it stands, we could see High Streets face serious challenges and ultimately more closures.Referring to the revaluation plans, he said: "As it stands, we could see High Streets face serious challenges and ultimately more closures.
"It could impact investment in places that most need it, in areas of the country where there is already a marginal call on investment.""It could impact investment in places that most need it, in areas of the country where there is already a marginal call on investment."
How are business rates calculated?How are business rates calculated?
Rates are calculated by multiplying the rateable value of a property by a multiplier set by the government. But as property values change over time, rateable values need to be reassessed periodically - usually every five years.Rates are calculated by multiplying the rateable value of a property by a multiplier set by the government. But as property values change over time, rateable values need to be reassessed periodically - usually every five years.
However, this update to property values is two years behind schedule, making it a harder pill to swallow in areas where the price of real estate has been rising.However, this update to property values is two years behind schedule, making it a harder pill to swallow in areas where the price of real estate has been rising.
According to analysts, Sainsbury's will see its annual rates rise to £500m, up from £483m, while internet giant Amazon will see its bill cut.According to analysts, Sainsbury's will see its annual rates rise to £500m, up from £483m, while internet giant Amazon will see its bill cut.
Rate increases could also hit NHS hospitals in some areas, as well as pubs and hotels.Rate increases could also hit NHS hospitals in some areas, as well as pubs and hotels.
On Friday, business groups - including the British Retail Consortium and the CBI - signed a letter urging the government to drop the revaluation plans.On Friday, business groups - including the British Retail Consortium and the CBI - signed a letter urging the government to drop the revaluation plans.
Pubs and restaurants have also called on the chancellor to dilute the impact of the changes by providing more transitional relief for the sector.Pubs and restaurants have also called on the chancellor to dilute the impact of the changes by providing more transitional relief for the sector.
Meanwhile, the Sunday Telegraph has reported that ministers considered extra financial support to ease the impact of business rates before the general election in 2015.Meanwhile, the Sunday Telegraph has reported that ministers considered extra financial support to ease the impact of business rates before the general election in 2015.
According to the paper, the Department for Communities and Local Government worked with the Treasury to protect the sector, but eventually decided to adopt more modest reforms.According to the paper, the Department for Communities and Local Government worked with the Treasury to protect the sector, but eventually decided to adopt more modest reforms.
A government spokesman said: "Nearly three-quarters of businesses will see a fall, or no change, in their business rates as a result of the revaluation.A government spokesman said: "Nearly three-quarters of businesses will see a fall, or no change, in their business rates as a result of the revaluation.
"The generous reliefs we are introducing mean that 600,000 small businesses are paying no rates at all - something we're making permanent so they never pay these bills again."The generous reliefs we are introducing mean that 600,000 small businesses are paying no rates at all - something we're making permanent so they never pay these bills again.
"Across the country, there's also a £3.6bn scheme to support companies affected by the business rates revaluation.""Across the country, there's also a £3.6bn scheme to support companies affected by the business rates revaluation."