BRC hails recognition burden of business rates must fall

16 Mar '20

2 min read

Pic: Shutterstock

The recent budget does little for larger retailers, offering a string of cost hikes with no respite in the short term, according to the British Retail Consortium (BRC), which, however, said the chancellor of the exchequer Rishi Sunak has listened to the retail industry. BRC welcomed the chancellor’s recognition that the overall burden of business rates must fall.

“The chancellor has shown he is capable of making bold decisions, this will be critical to the upcoming review of the broken business rate system. We welcome the stated objectives of reducing the rates burden on business, something we have been calling for, and the inclusion of changes to transitional relief as an option to provide short-term relief from April 2021. It is vital that the burden is reduced for all retailers—large and small—if it is to promote further investment in productivity growth and higher skilled, better paid jobs. We hope this open-minded approach carries through to implementing positive changes once the review has concluded later this year,” BRC chief executive Helen Dickinson said in a statement.

“Despite announcing his support for British business, the Chancellor has failed to provide any relief for larger retailers, who employ the majority of the industry’s 3 million workers and currently foot most of the industry’s £7.5bn business rates bill. In April, these retailers will face yet another rise in business rates across England, piling on even more pressure on shops at a time when they are squeezed by lower demand and increasing costs arising from coronavirus,” he added.

Fibre2Fashion News Desk (DS)

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