Shops, pubs and restaurants could face £2.6bn rates rise

RETAIL and hospitality firms could face a yearly £2.66billion rise in business rates from April, experts warn.

- Allister Hagger

Currently, shops, pubs and restaurants receive a 75% relief on the bill, according to government data, but that is not set to continue past March 31 next year.

And no future discounts have been factored into fiscal forecasts by the Office for Budget Responsibility.

Alex Probyn, president of property tax at data firm Altus Group, warned that the sectors face a "cliff edge" moment unless the tax break is extended in the upcoming Budget.

Chancellor Rachel Reeves has said that the Government will have to make "tough decisions" at the spending review at the end of October.