;
Home / Knowledge / News / Apparel/Garments / UK retailers may face extra £190 mn in business rates

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


Must ReadView All

Vietnam targets $40 bn in textile-garment exports in 2019

Apparel/Garments | On 22nd Jan 2019

Vietnam targets $40 bn in textile-garment exports in 2019

The Vietnam Textile and Apparel Association (VITAS) has set a target...

Myanmar RMG units exporting to EU rose by 180 in 5 yrs

Apparel/Garments | On 22nd Jan 2019

Myanmar RMG units exporting to EU rose by 180 in 5 yrs

The number of readymade garment (RMG) factories in Myanmar that...

Courtesy: Microsoft

Textiles | On 22nd Jan 2019

Microsoft India launches e-com site for handloom weavers

Microsoft India recently launched a new e-commerce platform,...

Interviews View All

Manfred Mentges, Sedo Treepoint GmbH

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Vidhyaa Shankar. S, A Ganapathi Chettiar

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Karin Ekberg, Leadership & Sustainability

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Shyam Gupta & Ravi Gupta,

Shyam Gupta & Ravi Gupta

Based out of South Delhi, Gargee Designer's provides bespoke formal and...

Shivani Swamy,

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Riddhi Jain,

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Johan Berlin, InvestKonsult Sweden AB

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Razvan Popescu, Directa Plus SpA

Razvan Popescu
Directa Plus SpA

Directa Plus is one of the largest producers and suppliers worldwide of...

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

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

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

Leave your Comments


January 2019

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

news category


Related Categories:

Advanced Search