Retailers in London's West End face a £600 million hike in business rates due to new government policies aimed at supporting smaller businesses. Although planned tax cuts for lower-rated properties are intended to alleviate pressure on smaller retailers, the larger high street establishments face significant increases. Critics, including Colliers, argue that these changes will discourage investment and customer traffic, ultimately harming both large retailers and the smaller shops that rely on them as anchors.
Colliers and other critics have consistently said the legislation has been poorly thought through and was rushed through Parliament.
The new legislation will actually create more damage - by impacting the larger stores and supermarkets on the high street, which often act as anchor tenants.
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