The BMA has joined employers representing more than 261,000 businesses and nine million employees lobbying for business rate reform to encourage green investment.
The CBI, co-ordinated the action alongside 41 trade associations spanning the UK economy, calling for fundamental reform in a joint statement.
The move outlines how action by the Chancellor at the Budget could unleash a wave of business investment across key government priorities, including net zero and levelling up.
Presently, with up to 50% of business investment potentially subject to business rates, the current system actively disincentivises business investment in decarbonisation and wider investments which can improve all-important productivity, which is the only sustainable route to higher wages. The statement calls for –
- Reduction of the overall burden of the business rates system to unlock business investment in net zero and support levelling-up.
- Increased frequency of business rates revaluations to ensure rates adjust quickly to economic changes.
- Creation of a ‘Greener’ business rates system to support the government’s net zero ambition.
BMA Chief Executive, Tom Reynolds, said: “The Bathroom Manufacturers Association represents 53 manufacturers, over 20 additional affiliates. Members employ more than 10,000 people in the UK directly, but support many thousands more in the merchanting, retail and installation sectors.
“The reason we’re supporting this statement calling for business rate reform is not only because of the benefits to our own members’ businesses.
“A more sensible approach to rates would greatly benefit our channel partners in independent retail. When KBB retailers have the conditions to thrive, so do suppliers.”