Small Shops at Risk as Co-op Calls for Government Action
- 150,000 jobs at risk without business rate reform, Co-op warns
- 60,000 small shops could disappear without reform
- 10% of small businesses may lay off staff if no reform
- 77% of small business owners support online retail tax to level playing field with giants
- 69% of UK adults lack confidence in government’s promise for relief
- Co-op CEO calls for inclusive growth and support for local businesses
New research from the Co-op reveals that around 60,000 small shops could close and 150,000 jobs may be lost without business rates reform. If changes are not made, 10% of small high street business owners say they would need to lay off staff, and one in eight claim their businesses would face closure. The Co-op CEO urges the government to commit to inclusive growth and support local shops for community wellbeing.
Factuality Level: 7
Factuality Justification: The article provides relevant information about the potential impact of business rates reform on small shops and jobs, as well as public opinion on the issue. It also includes quotes from a high-ranking individual at Co-op Group. However, it lacks some specific details or data sources for the research mentioned and could provide more context on the Autumn Budget and the proposed online retail tax.
Noise Level: 3
Noise Justification: The article provides relevant information about the potential impact of business rates reform on small shops and jobs, as well as public opinion on the issue. It also includes quotes from a high-ranking individual in Co-op Group. However, it lacks detailed analysis or exploration of the broader economic context and does not offer specific solutions beyond calling for government action.
Financial Relevance: Yes
Financial Markets Impacted: Small shops and businesses
Financial Rating Justification: The article discusses the potential closure of small shops and job losses due to business rates reform, as well as the need for government action to support these businesses. It also mentions the importance of inclusive growth and the impact on local economies and communities.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article. The situation described is about potential consequences of not implementing business rates reform for small shops and its impact on jobs, communities, and local economies.
www.retailsector.co.uk