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

Courtesy: Shangdong Ruyi

Textiles | On 24th Nov 2017

Shangdong Ruyi to acquire major stake in Bagir

Shangdong Ruyi Technology Group Ltd, one of the leading Asian global...

Chinese e-commerce firm JD.com invests $44 mn in Tiki.vn

Apparel/Garments | On 24th Nov 2017

Chinese e-commerce firm JD.com invests $44 mn in Tiki.vn

Chinese e-commerce firm JD.com has invested $44 million in Tiki.vn, a ...

Indian apparel exporters losing competitiveness by 9%: AEPC

Apparel/Garments | On 24th Nov 2017

Indian apparel exporters losing competitiveness by 9%: AEPC

Indian apparel exporters want a higher reimbursement of central and...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

November 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
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

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
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

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
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

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
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


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