Shops and restaurants in London’s West End face a 'tax bombshell' of £500m under the imminent revaluation of business rates, Westminster City Council has warned.

The council said that the tax increase could scupper the city’s fragile economic recovery at a time when businesses need all the help they can get.

Westminster collects £1.2bn in rates every year, more than the City of London, Birmingham and Manchester combined.

Daily Telegraph