Public buildings in England and Wales likely to get 15%-20% tax rises next year

Business rates revaluation likely to hit hospitals and colleges, while big banks and department stores such as Harrods benefit

Hospitals, colleges and fire stations are likely to face 15%-20% rises in property tax next year while big banks, including the Bank of England, and department stores such as Harrods will see their bills fall.

The government on Thursday released details of a revaluation of properties across England and Wales for the calculation of business rates, with many public buildings expected to be among the losers and those in big offices, the largest retail properties and historic hotels among the winners.