The move has angered the business and property community who believe it will result in businesses paying higher rates for longer than necessary.
The review of business rates was scheduled for 2015 has been postponed.
Howard Westgate, commenting on behalf of property consultants Barford + Co, said businesses strongly disputed Mr Pickles’ claim that the delay would prevent companies from facing unexpected hikes in their business rate bills over the next five years.
The current 2010 Rating List was based on rents achieved in April 2008 at the height of the market.
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Mr Westgate continued: “Overall, the revaluation would not have led to a fall in tax revenue because the Government would have altered the rate in the pound to compensate. The result of postponing the revaluation is really to prevent the tax base being reset. This would have allowed areas that have suffered as a result of the recession benefiting and being supported by lower rateable values.
“The other major problem is that 2008 values are artificially high and, if anything, the revaluation should be brought forward to enable the rating valuations to take account of the decline in market rents that the majority of the country has experienced.”
“Businesses who believe their rateable values are set too high will now continue at this level for a further two years but we have an experienced team in house at Barford + Co that have a proven track record of successful rating appeals and we would be delighted to speak to any companies with concerns.”
Contact Howard on 01480 213811 or email [email protected]