• Swindon & Wiltshire Retail
• Monday March 10 2025
• Author Name: Peter Davison

Bristol BID warns business rates hike could lead to shop closures

More household names could disappear from Britain’s high streets in the face of rising costs, business leaders have warned.

High Streets UK – a pro-growth partnership of over 5,000 businesses across the country which jointly contribute £50 billion annually to the British economy – is calling on the Government to take urgent action to avoid unintended consequences such as store closures and job losses.

On Thursday (March 6) the partnership – which represents Business Improvement Districts in Bristol, Aberdeen, Birmingham, Cardiff, Edinburgh, Leeds, Liverpool, London, and Newcastle – issued a series of policy recommendations in response to the Government’s Business Rates Discussion Paper.

Under the Government’s proposed business rates reform, properties with a rateable value of more than £500,000 could be subject to a business rates multiplier up to 10p higher than the current levy.

High Streets UK says this would place a disproportionate burden on physical flagship high street locations risking the viability of properties in areas like Bristol, Birmingham, Liverpool, and London.

The upcoming 2026 revaluation adds further uncertainty, disincentivising near-term investment, says the organisation.

High Streets UK is calling on the Government to take urgent action to avoid unintended consequences such as store closures and job losses. Key recommendations include conducting a full impact assessment of proposed multiplier increases and freezing any hike in the higher multiplier until 2027/28 to provide greater certainty.

Vicky Lee, director of Bristol City Centre BID, said: “Bristol’s high street businesses are a crucial part of our city’s economy, driving jobs, tourism and investment.

“While business rates reform is necessary, it must be designed in a way that supports, rather than hinders, the future of our flagship high streets.

“Through High Streets UK, we’re ensuring that Bristol’s voice is heard at a national level, advocating for reforms that provide stability and confidence for businesses to invest, grow and thrive.

“We urge the Government to take a balanced approach, ensuring that rates remain competitive and that businesses have the certainty they need to plan ahead. A thriving high street benefits not just retailers, but the entire city, from independent businesses to local communities.”

Dee Corsi, chair of High Streets UK and chief executive of the New West End Company, commented: “Flagship high streets are the economic and social anchors of our cities – they create jobs, drive local and national growth, and serve as vital hubs for communities.

“Moreover, within a high street ecosystem, it is often the larger retail, leisure and hospitality units which drive footfall and spend in smaller neighbouring businesses. If you put these larger stores at risk, the impact will be felt across the entire high street.”

“As a collective voice for these high streets, High Streets UK is calling on the Government to take urgent action to safeguard their future, ensuring our city centres remain dynamic, competitive, and resilient.”

Pictured: Park Street, Bristol by Chris Cooper (ShotAway)