A ROOT and branch review of UK business rates must simplify the process to boost business says the Confederation of British Industry (CBI).

The review has been launched in the wake of mounting pressure from businesses complaining that the old system was too complicated and unfairly hurt smaller companies.

Welcoming the review to start next month John Cridland, CBI director-general, said:

“The current system of business rates is outmoded, clunky and regressive and it’s holding back the high street. That’s why we’ve been calling for a wholesale review of the system.

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“The package of measures already announced in the Autumn Statement that will come into force from April will help ease the pressure on hard-pressed retailers.

“But this review provides an opportunity to go much further and we’ll be making the case for removing the smallest firms from paying business rates completely, linking rates to CPI rather than RPI and introducing more frequent valuations. This would go a long way to achieving a more competitive business rates regime that incentivises business investment and supports the high street.”