Ritz boss lashes out over business rates revaluation: “Most politicians have never had a job”
The man behind London’s most iconic hotel has lashed out at politicians in charge of a shaking-up business rates, accusing them of failing to understand business because they have “never had a job”.
Andrew Love, deputy chairman of the Ritz, told City PM a revaluation of business rates unveiled at the end of last month could “change the character” of areas such as Mayfair and St James, as some of the capital’s most recognisable brands are faced with huge bills.
The hike, after a seven-year gap, has left shops, hotels and restaurants – not to mention many of the capital’s best-known tourist attractions – reeling, with the New West End Company describing it as “catastrophic”.
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“It will hurt a lot of people in London because there will be some wonderful, traditional shops or stores that will find it more difficult to pay, and that would be a shame,” said Love.
“It’s a judgement made by members of the government who have never had a job. Most politicians have never had a job and therefore have never had to achieve enough profit to exist and continue in business.“
Research by estate agent Gerald Eve has suggested the Ritz’s business rate payments will jump 31 per cent as part of the revaluation, from £1.7m to £2.2m.
At a recording of City PM’s Unregulated podcast, Love also lamented the changing face of the capital, saying it was “sad we’re giving the assets of the United Kingdom away to overseas companies”.
“[High house prices] is a product of investors in this country and it’s beyond my capability to do anything about. I regret it because it means some areas become almost barren at weekends, or over the course of the year because it means that the people who have bought the place are never here,” he said.
“What it does reduce is the opportunity for community spirit to take place in various areas in London. There is no life in the weekends for the shops or the community in general. And I think that’s sad.”
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