The Valuation Office Agency (VOA) has updated the rateable values of all commercial properties in England and Wales, which will take effect from 1 April 2026.
The rateable value is the estimated annual rental value of a commercial property, used to determine how much a company pays for business rates in the UK.
Cafes, pubs and landlords have reported rateable value rises of 50 – 100%, with many businesses losing small business rate relief.
Pool table at The Games Room, taken by Becks Bouron
Kathy St Quintin, manager of The Games Room, expressed her frustration with the rateable values, claiming that their business rates have increased by £2000 a month.
She says the government are ‘crippling businesses and taking away employers, and without employers, you don’t have employees.’
From May to July 2025, unemployment rates rose by 0.4 percentage points to 5.1%, with young people most affected. The number of unemployed 18 to 24-year-olds increased by 85,000 over the three months.
Kathy has observed a decline in hospitality recruiting in Falmouth, and says that ‘businesses will close because it becomes unaffordable to run one.’
She says, ‘If you can’t be an entrepreneur in this country, what can you be?’
Owner of Rubicund, Lee, explains that ‘a lot of people don’t really know exactly what it means to them in this town yet,’ especially small businesses that are new to paying business rates.
‘If it’s a considerable increase, then this is definitely gonna affect whether small businesses can afford to employ any staff,’ he says.
Kathy feels lucky that their landlord prioritises keeping rent low, and says, ‘I can’t see any other way for businesses to be able to afford this on the high street.’
‘I know that there’s some businesses out there that are getting a £30,000 increase per year, and it’s just unsustainable.’ She says. ‘And I’d like to send Rachel Reeves a calculator for Christmas!’