High Street Struggles Amidst Increasing Business Rate Arrears
- Councils in England are sending bailiffs to 310 companies a day over business rates arrears, according to a study by Altus Group.
- Over 78,000 non-domestic properties were referred to bailiffs during the last financial year (2018/19).
- Birmingham City Council made the highest number of referrals with 3,755, followed by Westminster and Manchester.
- Haringey, Barking, and Dagenham Councils sought collection via bailiffs for over 15% of their business premises.
A study by Altus Group reveals that councils across England are sending bailiffs to 310 companies a day over unpaid business rates. In the last financial year, more than 78,000 non-domestic properties were referred to bailiffs, including shops, restaurants, factories, and offices. Birmingham City Council led with 3,755 referrals, followed by Westminster and Manchester. Retailers like Marks & Spencer and Harrods have called for action on the business rates burden in the upcoming Autumn Budget.
Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the number of companies referred to bailiffs for business rates arrears in England, mentions specific councils with high referrals, and quotes an expert’s opinion on the issue. However, it could provide more context on the overall tax system and the impact of business rates on the economy.
Noise Level: 4
Noise Justification: The article provides relevant information about the number of companies facing business rates arrears and the actions taken by councils to collect outstanding debts. It also mentions the highest offenders and the concerns of businesses regarding high property taxes. However, it lacks in-depth analysis or exploration of the consequences on those affected and does not offer significant actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Companies and local councils
Financial Rating Justification: The article discusses business rates arrears, which impact companies’ financial situations and their ability to pay taxes, as well as the involvement of councils in collecting these debts. This has implications for both companies and local governments.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article, but it discusses a financial crisis related to business rates arrears and their impact on companies.
www.retailsector.co.uk