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The Booksellers Association has warned that booksellers still face challenges from increasing rates, following a report suggesting rents would fall by 23% by the end of 2010.
Property company Colliers Cre said the retail sector's value had slumped from a peak of £93bn in 2006 to a predicted £48bn by the end of 2009. Colliers' retail rents monitor recorded that retail rents dropped by 12.2% in the year to May 2009, the largest ever decline in the monitor's history. However, it predicted a further drop of 23% by the end of 2009.
But BA c.e.o. Tim Godfray pointed out that business rates were going up. Business rates were reduced in the last budget from 5% to 2%. However, the remaining 3% must still be paid over the next two years, which the BA is lobbying the government to scrap. The BA's Business Support Helpline (0844 561 8133) can help members on property matters.