Budget news and archive

Fashion businesses to see corporation tax hike in new spring budget

The UK economy is set to shrink 0.2 percent in 2023, better than earlier predictions of 1.4 percent last November, according to the Office for Budget Responsibility (OBR), the UK government’s fiscal watchdog. In a new annual spring budget outlined by chancellor Jeremy Hunt, the major measure that will affect the fashion industry is a rise in...

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Spring Budget a ‘missed opportunity’ for businesses, say retail bodies

British retail bodies say the government has missed a key opportunity to offer more support for businesses with its Spring Budget, as there were no changes to VAT-free shopping, Sunday shopping hours, or business rates. UK chancellor Jeremy Hunt revealed his Budget in the House of Commons on Wednesday, which included various measures to support...

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Retailers welcome return of VAT-free shopping for tourists, but urge action on business rates

Retailers in the UK have welcomed the government’s decision to bring back VAT-free shopping for overseas visitors, but called for urgent action on business rates. It comes after the UK’s new chancellor Kwasi Kwarteng revealed a mini-budget on Friday to reinvigorate the country’s struggling economy. It included the return of VAT-free shopping for...

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Autumn budget a 'missed opportunity' for retail, BRC says

The British Retail Consortium (BRC) has described the government’s autumn budget as a “mixed bag” for retailers, and said more needed to be done. Chancellor Rishi Sunak announced Wednesday that business rates for the retail, hospitality and leisure sectors in England will be halved for a year, which he said will help reduce the burden of...

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UK government halves business rates for retailers

Business rates for the retail, hospitality and leisure sectors in England will be halved for a year, the government announced Wednesday. A new 50 percent discount will reduce the burden of business rates by 7 billion pounds over the next five years, chancellor Rishi Sunak said while delivering the autumn budget. “Apart from the Covid reliefs,...

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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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Can the 2018 budget save the UK high street?

The Chancellor of the UK government this week set out the budget for the coming year, including a 675 million pound Future High Streets Fund aimed to bolster the struggling high street with improved infrastructure and delivering footfall. Chancellor Philip Hammond stated: "Embedded in the fabric of our great cities, towns, and villages, the High...