Some business groups have argued that the revaluation will compensate for a delay where some companies in the North have been overpaying because prices have fallen but business rates have not done the same.
But company leaders in London warned the Government against treating them as a “cash cow” after the revaluation.
Colin Stanbridge, the chief executive of the London Chamber of Commerce and Industry, said: “It is important that businesses in London, in particular SMEs, that are being asked to pay higher rates than the rest of the country can see that in doing so they benefit from investment in the capital.
“We have been broadly supportive of 100 per cent retention of business rates as we believe that London government can best understand how taxes should be collected and spent for the good of the capital.
“We are not asking for special treatment for London nor do we seek to implement changes that will see the rest of the country lose out, but at the same time not to pursue this path risks businesses shutting up shop or moving out of London altogether
“We need to be wary of potential pitfalls including business being viewed as a ‘cash cow'”.