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LONDON (Alliance News) - More than 100 UK companies have signed an open letter published in The Daily Telegraph newspaper Tuesday calling for an overhaul of business rates, describing the tax as a "critical problem".
The letter counts the likes of Tesco PLC, Marks & Spencer Group PLC, Whitbread PLC and Ladbrokes PLC amongst its signatories.
The companies said business rates are "no longer fit for purpose in the 21st century" and said the regime needs to be revamped in order to "unleash investment".
The signatories are primarily from the retail sector, but manufacturing companies, bookmakers, coffee shops, gyms and property companies have also given their backing to the call, the newspaper said.
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/11098107/More-than-100-companies-call-for-overhaul-of-business-rates.html
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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