Richmond’s businesses will be ‘losers’ after the business rates system overhaul, which will mean tax for firms across London will increase, the council’s member for finance said.

The tax changes, due to come in April 2017, will be the result of the first revaluation of businesses since 2010.

The revaluation is partly based on firms' rentable property value.

The CEO of small business Page Tiger, based in North Sheen, said the timing of the hike was ‘insensitive’, since it will come just weeks after Article 50 is triggered by the Government.

Henry Weston said the uncertainty his firm faces over Brexit will only be exacerbated when the business rates it pays increases soon after.

Mr Weston said: “How insensitive – to trigger Article 50 in March and then the following month business rate tax for a business like this could double.

“I think it’s ridiculous.

“Surely you would think they’ve been planning this over a number of years. I would have thought they’d have the sense to push it back.

“How much can small businesses take?”

According to Government estimates, London firms as a whole will experience an 11 per cent increase in their tax bill, while all other regions will pay less in tax.

The North West and the Midlands will pay 10 per cent less than they now do, while the North East will experience an 11 per cent drop.

The Mayor of London, Sadiq Khan, described the hike as a ‘kick in the teeth’ for London’s companies, which are still reeling from the vote to leave the European Union.

Mr Khan said: “London is the beating heart of the UK economy and the danger is that this revaluation may hamper growth at a time when the Government should be focusing its efforts on supporting business and bolstering the nation’s finances.”

In deciding whether to expand his firm’s North Sheen office or its sister site in Lincoln, Mr Weston said the business rates increase might encourage him to invest outside of London, despite saying Richmond was ‘very business-friendly’.

Richmond Council’s cabinet member for finance, Councillor Geoffrey Samuel said the local authority, by current calculations, will lose about £7million from this policy.

Cllr Samuel said: “There will, like with many policies, be winners and losers and we will overall be a loser.

“We wish to be part of the Government consultation process where we are asked our views on the business rates.

“We just have to make the best out of this situation.”