Home / Knowledge / News / Policy / Govt should work with retailers for affordable rates: BRC
Govt should work with retailers for affordable rates: BRC
13
Sep '17
Courtesy: British Retail Consortium
Courtesy: British Retail Consortium
To increase the confidence of retailers about investing in new or refurbished shop premises, the government should work with the retail industry and business to put the rates system on a more affordable and sustainable footing, British Retail Consortium (BRC) has suggested. Nearly one in every 10 shops in the UK is currently lying vacant, BRC said.

The latest Retail Price Inflation (RPI) figures reveal that inflation continued to rise in August to 3.9 per cent. The RPI has accelerated from two per cent in September 2016, and September’s RPI is likely to be at least four per cent.

Since September’s RPI inflation rate, to be published next month, will be used to determine the uplift in business rates next April, it will push up already onerous business rates bills for retailers across the country—who  account for a quarter of all rates paid—by £280 million next April, BRC said.

“Retailers are staring down the barrel of a hefty £280 million hike in their business rates bills from next Spring. It is highly questionable whether communities across the UK can afford a spike in business rates of this scale and any resulting loss of commercial investment will contribute to fewer shops and fewer jobs. Nearly one in every 10 shops currently lies vacant and those in economically-vulnerable communities in particular remain persistently empty, limiting the chances for these places to thrive,” commented Tom Ironside, director of Business Regulation, BRC.

“With the economy slowing, consumer spending facing headwinds and retailers responding to profound changes in shopping habits, the prospect of a further investment-sapping tax rise of this magnitude is deeply worrying and will only serve to make life tougher for high streets. Government should knock on the head any notion of a bumper rise in rates next Spring and work with the retail industry and business to put the rates system on a more affordable and sustainable footing. This would increase retailers’ confidence about investing in new or refurbished shop premises,” he added. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search