Port occupiers warn government: Shape up or we'll ship out

Property occupiers at the Port of Hull have warned the government that implementing the back-dated payments of business rates could see firms vacating ports.

According to a spokesperson from the Humber Dock Rating Group, the shipping industry is questioning whether to re-sink investments in UK ports or move elsewhere, Property Week reports.

The Port of Hull was the first of the UK's 56 ports to be revaluated by the Valuation Office Agency (VOA) and occupiers say that paying the £17 million in retrospective rates will cause redundancies and bankruptcy.

Ferry company P&O faces a bill of £5 million and communications and change director Brian Rees told the news provider the "out of the blue 500 per cent rates increase" undermines the firm's long-term presence and forces it to look at other ports.

The VOA set this month as a deadline for Hull tenants to pay rates previously charged to port owners.

As well as compiling and maintaining the business rating and council tax valuation lists for England and Wales, the VOA advises ministers on property valuation matters.