Great Yarmouth has been named as one of the top three borough or district councils that have seen the highest spikes in business rates.
Recent research by BPI Asset Disposal Solutions revealed a 22pc increase in business rates within the borough during the past five years.
Business rates are a substantial cost for many companies, before even considering the recent effects of the cost of living crisis and ongoing increases in energy prices.
BPI Asset Disposal Solutions sent out Freedom of Information (FOI) requests to 317 local councils to discover the ‘average annual business rates costs, or current liability payable over the last five years’.
Research showed that business rates rose by an average of 18pc in 2022 compared to 2021, with GYBC's rates rising by 22.19pc in the past five years, the second-highest in the country.
The council said this rise is due to an increase in the borough’s number of properties attracting business rates and/or an increase in the rateable value of a property.
A GYBC spokesperson said: "Every year, the government sets the ‘business rates multiplier’. As announced in the 2022 Autumn Statement, the business rates multiplier was frozen for 2023/24 at 49.9pc for businesses with a rateable value up to £50,999 and 51.2pc for businesses with a rateable value over £51,000.
"Business rates are calculated by multiplying the appropriate rate by the rateable value of the property – which is determined by the Valuation Office Agency.
"The income from business rates that local authorities can retain is used to pay for a variety of council services and is an important part of Local Government core funding, which is required to support the administration of local council services.
"Depending on the circumstances of the business a number of business rates reliefs or discounts also apply."
The top 10 councils which saw the biggest percentage increases in business rates charged:
North West Leicestershire (29.13pc)
Great Yarmouth Borough Council (22.19pc)
London Borough of Lambeth (19.27pc)
Dumfries and Galloway Council (16.24pc)
Swale Borough Council (15.02pc)
London Borough of Hackney (14.66pc)
Ashfield District Council (13.63pc)
Thurrock Council (12.44pc)
Central Bedfordshire Council (12.17pc)
North Lanarkshire Council (11.49pc)
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