Commenting on the review of national business rates announced today by the Treasury, Paul Raynes, Director of Policy at EEF, the manufacturers’ organisation, says:
“Over the last few years the system of business rates has begun to evolve, with a new focus on using it to actively incentivise growth while also addressing some short-term concerns. As a result, a reset of the system was needed to look at all exemptions and reliefs as well as their justification. Today's review provides this opportunity.
"Looking ahead to the outcomes of the review at Budget 2016, manufacturers will be looking for a system that is, above all else, stable and predictable. Certainty in tax affairs is vital for supporting manufacturers in making long-term investments, as opposed to a system that fluctuates wildly year on year. Large manufacturers will also welcome the inclusion of plant and machinery, which EEF has been calling for as part of the review - for capital intensive manufacturers this is the most out of date aspect of the regime."