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High streets: 400 of the UK’s largest supermarkets and shops face store closures under tax plans, jobs at risk
The British Retail Consortium warns that 400 large stores face closure, risking up to 100,000 jobs and £100 million in lost local business rates revenue, unless tax reforms occur.
- The British Retail Consortium said that 400 large-format stores are at risk of closure if included in the 500,000 surtax, prompting the Treasury to examine business rates reforms.
- Earlier this year firms saw business rates bills increase after the discount for hospitality, retail and leisure firms was cut to 40%, squeezing retailers facing narrow margins and rising employment costs.
- Large stores provide anchor roles, with 4,000 employing about one in three of the industry's three million workers, while retail accounts for 5% of the economy but pays over 20% of business rates, with large stores covering a third of the total.
- The BRC said that if all 400 stores close, up to 100,000 jobs could be lost and local councils' business rates would fall by well over £100 million annually, urging autumn Budget action.
- The Treasury's review noted it would consider overhauling small business rates relief, while the BRC warned that failure to act risks shuttering hundreds more stores, urging reforms that don't shift costs onto large shops.
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29 Articles
29 Articles
Basingstoke Gazette+2 Reposted by 2 other sources
400 of Britain's largest stores could close as retailers brace for autumn tax hit
Some of Britain’s biggest shops face a fresh wave of closures, industry leaders have warned.
·Basingstoke, United Kingdom
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The Scotsman+14 Reposted by 14 other sources
High streets: 400 of the UK’s largest supermarkets and shops face store closures under tax plans, jobs at risk
The closures could strip high streets of ‘anchor’ stores, risking 100,000 jobs 🛒
·Scotland, United Kingdom
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Coverage Details
Total News Sources29
Leaning Left5Leaning Right0Center15Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
L 25%
C 75%
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