Freeze UK biz rates for all retailers at Autumn Statement: BRC

The request followed a recent newspaper report suggesting that Hunt will not freeze business rates for all retailers.

Expressing concern over the report, BRC chief executive Helen Dickinson reminded Hunt, citing BRC research, of the deleterious effect rates have on British villages, towns and cities.

The country lost 6,000 stores between the second quarter (Q2) of 2018 and Q2 2023; for two-thirds of those lost between 2019 and 2021, business rates had a material impact. As things stand, business rates for retailers in England alone will increase by 6.7 per cent next April, she wrote.

A BRC survey had found that all retailers expect an increase to place ‘some’ pressure on shop prices, with 59 per cent saying they expect it to add ‘significant’ pressure. All retailers said that an increase would hold back investment in communities, including opening new shops and warehouses, which creates jobs.

Inflation is beginning to ease, but this represents an additional £480 million on bills, at a time when retail businesses of all shapes and sizes continue to face elevated input costs, including from production, labour and energy, she noted.

“Failure to act by freezing rates for all retailers will undermine the government’s anti-inflation strategy and longer-term plans for towns and communities”, she added.

Fibre2Fashion News Desk (DS)