Business rates news and archive

Retail finance chiefs sound alarm over tax burden and inflation risks

A new survey from the British Retail Consortium (BRC) has revealed mounting concern among retail finance leaders, as fears grow that government policy is fuelling inflation, job losses, and reduced investment across the high street. With the Chancellor preparing his next Budget, 56 percent of retail CFOs described their outlook for the coming...

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Business

Business rates reform absent from spring statement: concerns for retailers in the UK

In her first spring statement and second budget as UK Chancellor, Rachel Reeves presented a plan aimed at kick-starting the country’s faltering economy. In her statement on Wednesday, the UK’s first female Chancellor admitted that “growth is still not where it should be” but nonetheless reiterated the government's decision to raise the National...

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‘Tale of two halves’: Industry reacts to ‘damaging’ Autumn Budget

The Autumn Budget, the first to have been issued by Labour in 13 years, has received mixed reactions from industry insiders and experts alike, with a 40 billion pound uptick in taxes being at the centre of discussion. On Wednesday, Chancellor Rachel Reeves unveiled the budget via a lengthy speech in which she noted that she did “not take this...

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Business

Chancellor sets out "difficult decisions" in first Labour budget in 14 years

In her first Budget as the UK's first female Chancellor, Rachel Reeves has outlined a series of tough measures to restore economic stability, including 40 billion pounds in tax rises and spending cuts. Reeves, who previously warned of "difficult decisions" ahead, has confirmed that the national minimum wage will rise to 12.21 pounds per hour for...

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Business

Sainsbury’s urges government to cut business rates to boost jobs

Supermarket chain Sainsbury’s has teamed up with the Union of Shop, Distributive and Allied Workers (USDAW), which represents 148,000 of its staff, to urge the new government to deliver on its promise to reform business rates. In a statement, Simon Roberts, the boss of Sainsbury’s said the business rates system was "no longer fit for purpose"...

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Retail

Next CEO Simon Wolfson calls for business rates to be slashed

Next CEO Lord Simon Wolfson has said business rates for high street retailers should be slashed by 35 percent and warned a vast number of stores could be forced to close if the government doesn’t take action. Speaking to the BBC, Wolfson said the current system was “unfair” to bricks and mortar retailers, whose property values have fallen...

Retail

Frasers Group slams delay of business rates valuation, says stores could close

Mike Ahsley’s Frasers Group has criticised the government for delaying a review on business rates, and has warned that some of its stores could close as a result. Business rates are taxes charged on most non-domestic properties - many retailers consider them to be unfairly calculated. The government has previously promised a “fundamental review”...

Retail

Scottish government announces support for retailers

The Scottish Government on Wednesday announced a second phase of funding in response to Covid-19, including business rates relief for boutiques and retail chains. The Finance Secretary confirmed that the 120 million pound extension applies to its Retail and Hospitality grant scheme - so that a 100 percent grant will apply on the first property...

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Retail

Budget 2020: Respite for small firms, 'disappointing' for large ones

UK chancellor Rishi Sunak delivered his first budget on Wednesday which included 30 billion pounds to combat the ongoing coronavirus outbreak and the suspension this year of business rates for small companies. The announcement was partly well received, partly not. The suspension of business rates has been long called for by British firms, and...

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Retail

Cuts in business rates proposed by Boris Johnson to have no "meaningful" impact

With general elections just one day away, the Conservative party has proposed to cut business rates by 10 million pounds a year from 2021 to 2023, in its latest round of promises to lure voters. At the annual CBI conference in November, Prime Minister Boris Johnson promised to “reduce the overall burden” of business rates as well as launch a...

Retail

Retailers to face 137 million pound bill from business rates hike

Business groups have urged the Chancellor Sajid Javid to scrap business rate increases in the Autumn Budget. According to The British Retail Consortium (BRC), retailers in England will have to pay an extra 137 million pounds next year after it was confirmed that business rates would rise by 1.7 percent, based on the Consumer Price Inflation...