Businesses in Hammersmith and Fulham, Greenwich, Southwark and Barnet have seen 22,400% increases in their rateable values from the 2005 ratings, figures highlighted by the Liberal Democrats have revealed.
Figures also show that:
- On average business rates in England have increased by 32% in real terms, since Labour came to power
- Business rates in England have increased by an average of 79% in cash terms, since Labour came to power
A full London breakdown is attached.
Commenting, Liberal Democrat Shadow Secretary of State for Communities and Local Government Julia Goldsworthy said:
“Gordon Brown has led us into the recession and these outrageous figures show that he is still failing businesses up and down the country at the time when they are really struggling.
“The financial crisis has starved businesses of credit and the Government’s staggering rates hike is leaving them to whither on the vine.
“This is further proof that Labour cannot be trusted on the economy.”