Freeze UK biz rates for all retailers at Autumn Statement: BRC
17 Nov 23 2 min read
Insights
- The British Retail Consortium recently urged UK finance minister Jeremy Hunt not to ignore calls from retailers to support their efforts to keep prices down and invest in communities, and to freeze business rates for all retailers at the Autumn Statement.
- Business rates for retailers in England alone will rise by 6.7 per cent next April, she wrote to Hunt.
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.
- American retailer Genesco posts net sales of $458 mn in Q1 FY25
- American retailer Foot Locker posts net sales of $1.87 bn in Q1 FY24
- US retailer Kohl’s net sales at $3.2 bn in Q1 FY24
- American Eagle Outfitters Q1 revenue climbs 6%, projects strong FY24
- US’ Abercrombie & Fitch’s net sales surge 22% to $1 bn in Q1 FY24
- Primark expands into 17th market with budapest store opening
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)
Popular News
|
China's fabric exports rise in Q1 2024; Vietnam leads as top market |
|
AkzoNobel plans closure of sites in Netherlands, Ireland & Zambia |
|
World Textile Sourcing adopts WFX ERP for digital transformation |
|
US retailer Ross Stores posts net earnings of $488 mn in Q1 |
|
IFC launches Dutch-backed textile sector project in Jordan |
|
US’ Dick's Sporting Goods’ net sales rise 6.2% to $3.02 bn in Q1 FY24 |