Third of manufacturers say business rates are more of a concern than they were three months ago

A third of manufacturers say business rates are more of a concern than they were three months ago.

The finding from the British Chambers of Commerce's quarterly economic survey between February 20 and March 13 is a jump from the previous quarter, when 19 per cent of firms said they were more concerned.

Suren Thiru, head of economics at the BCC, said: 'The revalued rates hit firms at the same time as many other costs, which came into effect with the start of the new tax year, including the national living wage, apprenticeship levy and auto-enrolment of pensions. Such costs are undermining firms' capacity to invest.

‘The revalued rates hit firms at the same time as many other costs

'The revalued rates hit firms at the same time as many other costs

'While the Chancellor provided some short-term respite in his Budget for those hardest hit by the rates revaluations, it remains to be seen if the transitional relief will have any meaningful effect on the sum of bills facing companies.'

He added: 'Longer term, more fundamental reform of the business rates system is needed, including removing plant and machinery from rates valuations.'

Meanwhile, Labour leader Jeremy Corbyn said at a Federation of Small Businesses event last week that he would 'declare war on late payment' and cut red tape for small firms if the party wins the next General Election. 

He has said he would raise the minimum wage to £10 an hour in 2020.