Business rates news and archive

‘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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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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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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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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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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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...

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Over 50 retailers demand Chancellor “fix business tax”

Retailers including Harrods, John Lewis Partnership, Marks and Spencer, Debenhams, River Island, Sainsbury’s, Fenwick, New Look and Primark, have joined forces with other retailers in an open letter coordinated by the British Retail Consortium to demand that the Government takes action to fix what they are calling a “broken business rates system...

Retail

UK government to revaluate Business Rates in 2021

On Tuesday UK Chancellor Philip Hammond made the Spring 2018 budget statement, which saw for retailers plans to bring forward the next business rates revolution in 2021. Hammond also stated the government would reduce the time between valuations to every three years. Currently 55,000 retailers face a rise in rates, which for some will mean...

Business

9,500 stores at risk of shutting down this year

London - Retail experts predict a total of 9,500 stores are likely to close down this year, a 30 percent increase on 2017 if the government moves forward with plans to increase business rates. Up to 26 stores could shut down for good each day this year, as difficult trading conditions and continue to take a toll on the high street. Business...