Business rates rise would put hundreds of big shops at risk, say UK retailers | Retail industry

Retailers, if the government continues to shoot stores with higher job rates, the risk of closing up to 400 shops is under the risk of closing.

Some of the largest retail facilities in the UK, including supermarkets and stores, will encounter higher real estate tax fees in November in accordance with the new rules taken into consideration by the government before the budget.

Higher wages for larger sites, including warehouses, offices and other buildings, aims to pay for discounts for smaller business properties such as independent retailers, cafes and bars, after promising to make the workers’ government operating rates system more fair.

The bosses of the major retailers, including John Lewis, Lidl and B & Q, met Chancellor Rachel Reeves last week.

New rules target all business buildings with more than £ 500,000 (a figure connected to rents). According to the British retail consortium representing most large retail groups, the additional fee can be applied to the sales point of 4,000 large retail.

BRC looked at how a similar cost level affects retail businesses in the past. He concluded that 400 large stores could close. He said that retailers could increase prices or reduce jobs to protect their profits.

Some of the potentially affected retail points are the major retailers who play an important role in attracting visitors to high streets and shopping centers and direct trade to nearby cafes, bars and other retailers.

Helen Dickinson, the General Manager of BRC, said: “The biggest shops of the UK Magnets, pulling people to high streets, shopping centers and retail parks, supporting thousands of surrounding cafes, restaurants and smaller and independent shops.

Reeves wrote to the ministers this week and wrote: uz We want to see the high streets and small businesses that invest in their future, not withdrawn with past rules or drown by the bureaucracy.

“Our economy is not broken, but it feels stuck. So our growth is our number one mission.”

Chancellor stated that the government is thinking of changes in the work rates called “cliff edges ,, which may jump to taxes when a small business wants to expand.

The comments were accompanied by a temporary report on government plans for changes in business rates, which were published on Thursday and including changing the calculation of rates and improving investment support in facilities.

Kate Nicholls, President of Ukorpitality, representing thousands of restaurants, bars and cafes, said, “For a long time, the system of broken job rates has been unfairly punished and I am pleased that the government took action to reform.

“These measures are positive to eliminate the obstacles to the punishing gap and investments, and the government will help to re -balance the system, such as the commitment to reducing bills for hospitality businesses.”