Major manufacturers facing £685million property tax bill

MANUFACTURERS in the UK will have to cough up £685million more in new property taxes next year, research shows.

- By Mauricio Alencar

It will add costs to many businesses already struggling to boost output and cutting back on headcounts.

Firms including Rolls-Royce last week welcomed the Government's announcement that it was ready to address high electricity prices for up to 7,000 companies, with energy bills to be cut by up to a quarter as part of a move to scrap green levies on businesses in the industrial strategy.

But tax advisory firm Ryan estimates 4,300 large industrial properties in England will face a new business rates levy costing hundreds of millions more a year.