Business rates freeze vital for pharmacy survival
Business Pharmacy leaders have called for freezes to business rates amid fears that further rises next April would put more pressure on pharmacies struggling to survive.
Pharmacy leaders have called for freezes to business rates amid fears that further rises next April would put more pressure on pharmacies struggling to survive.
Chancellor George Osborne announced a pay freeze to council tax earlier this month but has made no plans to take similar action with the business rate, a tax on non-domestic property.
The British Retail Consortium (BRC) has called for business rate rises to be limited next year and pharmacy financial adviser at Silver Levene Umesh Modi agreed a pay freeze would "significantly help pharmacists, and in some cases could make a difference to their very survival".
Under current rules, pharmacies are likely to be hit by a five per cent increase in the rates next April, on top of a similar increase imposed this year.
"At present, all high street businesses are suffering from reduced turnover, increased costs and reduced profits," said Mr Modi.
"This has an impact on cash flows and as a result on investment and recruitment." he added.
BRC director-general Stephen Robertson called on the government to avoid "destructive" rate hits next year, warning, "extra costs would only undermine retailers' ability to invest and create jobs".