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UK retailers may face extra £190 mn in business rates

21
Sep '18
UK retailers may face extra £190 mn in business rates
Retailers in the UK are likely to face an extra £190 million on their annual business rates bill from April 2019, if the latest ONS Consumer Price Index (CPI) figure is used to calculate the business rates multiplier for next year, as is likely to be the case, according to the British Retail Consortium (BRC). Inflation in August stood at 2.7 per cent.

The retail industry makes up 5 per cent of the UK economy (Gross Value Added) and pays a quarter of the business rates bill, £7 billion per annum.

“These figures would mean severe consequences for the retail industry, which is under significant pressure as it goes through a prolonged and radical period of transformation. Business rates are leading to store closures and hindering the successful reinvention of high streets,” said Tom Ironside, director of Business and Regulation at the BRC.

“Ministers need to act to address this £190 million increase in retailers’ already unsustainable business rates bill,” Ironside said. “In his autumn Budget, the Chancellor needs to take action and freeze the business rates multiplier until the next revaluation to help save shops, protect jobs, and preserve high streets, and to give the Government time to work with industry to reform the business rates system and make it fit for purpose in the 21st century.” (RKS)

Fibre2Fashion News Desk – India


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