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UK retail firms urge Hammond to ease business rates burden
20
Nov '17
UK retail firms urge Hammond to ease business rates burden
Top British retail company CEOs have urged UK finance minister Phillip Hammond, also called the chancellor of the exchequer, to deliver a “shoppers' budget” on November 22, including decisive action to reduce the business rates burden. No such action will make retailers face a £270 million hike in their burdensome business rates bills next Spring.

A reduction in business rates burden could boost investment plans, including in new or refurbished stores, especially those in less economically viable locations. Almost one in ten retail premises is vacant, according to a press release from the British Retail Consortium (BRC).

Business rates in the United Kingdom are higher than anywhere in the 35-member Organisation for Economic Co-operation and Development and are play a key role in discouraging local investment, BRC said.

“As a priority, the retail industry wants to see decisive action to enable British businesses to continue to invest in the needs of their customers and communities by stemming the near four per cent increase in business rates planned for April 2018. This would be a positive first step towards a more financially sustainable and reformed rates system over the years ahead,” said BRC CEO Helen Dickinson. (DS)

Fibre2Fashion News Desk – India


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