Calls for Centralized Support for Struggling Businesses Amidst COVID-19 Impact

  • Colliers International calls for ‘discretionary business rates relief’ amid Coronavirus outbreak
  • UK Government urged to consider and fund system of discretionary rate relief for impacted businesses
  • Discretionary rate relief can be granted under Section 44A of the Local Government Finance Act 1988, but currently funded by Billing Authority
  • Colliers suggests central control and funding for discretionary relief to support struggling businesses

Colliers International has called on the UK Government to consider and fund a system of ‘discretionary rate relief’ for businesses affected by the Coronavirus outbreak. The commercial real estate company believes this measure could alleviate business pain in the current situation where space is under-utilized due to shoppers avoiding stores and restaurants, warehousing for imported goods staying empty, and an increasing number of office staff working from home. Colliers suggests that the Budget would be a good opportunity for the Government to provide this emergency relief. Currently, discretionary rate relief can be granted under Section 44A of the Local Government Finance Act 1988, but it is funded by the Billing Authority, which is already facing constraints on local finances and reluctant to award relief. Colliers proposes that the Government should take control and funding for discretionary relief centrally to support businesses struggling due to coronavirus.

Factuality Level: 10
Factuality Justification: The article provides accurate information about Colliers International’s call for a discretionary rate relief system to help businesses affected by the Coronavirus and explains the reasoning behind it. It also includes quotes from John Webber, head of business rates at Colliers, supporting the argument.
Noise Level: 3
Noise Justification: The article provides relevant information about the call for discretionary rate relief for UK businesses impacted by Coronavirus from Colliers International and explains the potential economic impact on certain industries. It also offers a suggestion for government intervention to support struggling businesses. However, it could benefit from more in-depth analysis or examples of how this relief would work in practice.
Financial Relevance: Yes
Financial Markets Impacted: UK commercial real estate market, retail sector, hospitality industry, office space rentals
Financial Rating Justification: The article discusses the potential impact of the Coronavirus on various sectors of the UK economy and suggests a government intervention to provide relief for struggling businesses through discretionary rate relief. This directly relates to financial topics such as commercial real estate, retail sector, hospitality industry, and office space rentals, which are all part of the broader financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: The article discusses the economic impact of Covid-19 on businesses, but does not mention an extreme event in the last 48 hours.

Reported publicly: www.retailsector.co.uk