In April, business rates are being updated to take into account changes in property values.
Westminster City Council is calling for a full review of the effectiveness of the business rates system.
Cllr Lindsey Hall, Deputy Cabinet Member for Business, Culture and Heritage, said:
“Westminster is the shop window to the UK with over 50,000 businesses; the West End alone provides more business taxes for the Exchequer than any other place in the UK - £17bn annually.
“That is why Westminster City Council is leading the way, alongside the city’s businesses, in calling for a full review of the proposed changes and effectiveness of the business rates system. With unprecedented competition from on-line shopping giants, as well as the highest rental costs in the country, confidence and stability for local businesses - big and small - is more important than ever.
“We are playing our part by investing in new enterprise spaces across the city. We recently launched a new business unit to offer support and make it easier to do business here. We also partnered with the local enterprise community to host over 2,800 young people at the Westminster Enterprise Week at the end of last year. The last thing we want to see are businesses closing and jobs lost because costs are unsustainable.
“Our city’s diverse businesses must be protected so that they can continue to invest in jobs and in turn maintain and grow the nation’s economic prosperity.”