Colliers has criticised the “slowness and inefficiency” of the Covid-19 Additional Relief Fund as it is revealed that less than a third of the £1.5bn to support businesses during the pandemic has been allocated.
The agency said thousands of businesses promised business rates relief through the fund are still waiting to receive support, with just £419.3m allocated so far.
Of that total, £144.7m has gone to businesses in the offices sector, £112.4m to factories and industrial businesses and £94m to warehousing, storage and distribution.
The fund was put in place in March 2021 following the government’s announcement that businesses affected by Covid-19 would not be able to appeal their business rates on grounds of a material change of circumstance.
Colliers’ head of rating, John Webber, said: “The picture is a disgrace. Fifteen months on from the time businesses were denied their right to appeal their business rates, less than one third of the allotted £1.5bn has been allocated to such businesses.
“And time marches on. Because this relief is classed as discretionary relief, the deadline for awarding it is 30 September 2022. So there is still an awful lot of work for many local authorities to do if businesses are not to miss out. It is a nightmare for all concerned – from local authorities to ratepayers and those who manage on their behalf.”
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