Business rates news and archive

400 of Britain’s largest shops at risk, BRC warn

The British Retail Consortium (BRC) is warning that 400 large-format stores, from department stores to supermarkets, are at risk of closure if the Government forces them into its proposed higher business rates tax band. New research from the BRC reveals that large stores would be at risk if they are included in the Government’s new business...

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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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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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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”...

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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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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...