Could machine learning save the UK high street?
As it stands, not only does the UK have one of the highest business rates in the world**, but the system is opaque and inconsistent. Many owners are finding, without explanation, that they pay far more than their neighbours in business rates. And there’s little use in appealing: the process, which typically takes 2.5 years, is costly and complex. Many business owners are folding or opting to go online, rather than jump through expensive and bureaucratic hoops.
The advances in machine learning are about to offer a lifeline to our beloved high street. Business Rates Hero automates the appeals process, using a tech-first approach that takes into account historic property data, and compares businesses with similar properties. The service operates on a no-win-no-fee basis and has been successful in 85% of its appeals. By reducing the time and money spent on advisors, the arrival of this tech is good news for our high street.