ACS

Britain has today officially entered a recession as figures revealed the economy suffered its worst slump in almost three decades in the last quarter of 2008. The economy shrank by 1.5 per cent in the last three months of the year, outstripping experts' forecasts by 0.3 per cent. Added to a 0.6 per cent slump in the previous quarter, it puts Britain in an official recession for the first time since the 90’s and it’s eighth since 1945.

ACS Chief Executive James Lowman said: “Government must remain focused on helping companies out of recession. We believe strongly that the single biggest help that the Government can give the retail sector is action to halt the planned triple whammy of business rates increases. Business rates are a substantial fixed outgoing for retailers and now is not the time for Government to increase them.”

There will be a 5% increase in April 2009 – a figure calculated at the height of inflation in September; the 2010 rate revaluation has been calculated at the peak of the rental market and is likely to see retail rent increases of up to 15.9%; to top this off the Business Rates Supplements Bill may add an additional 5% onto business rates.”