High Street Retailers Seek Relief from Rising Business Rates
- Greg Clark admits that business rates could be changed to help high street retailers
- Retailers will pay an additional £2bn over the next three years compared to the last three years
- British Retail Consortium says business rates are deterring investment and causing job losses
- Chancellor Philip Hammond considers tax on online businesses for fairness
Secretary of State for Business, Greg Clark, has acknowledged that changes in business rates could be made to support high street retailers. He mentioned this during a fringe event at the Conservative party conference and highlighted the significant contribution of high streets to communities. The British Retail Consortium (BRC) revealed that retailers will pay an additional £2bn over the next three years compared to the previous three years, with business rates contributing nearly one-quarter of all receipts in England. BRC claims that these rates are deterring investment and causing job losses. This comes after Chancellor Philip Hammond announced consideration of a tax on online businesses for fairness in taxation. The New West End Company is set to lobby the government for a £5bn reduction in rates across all sectors.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Greg Clark’s statement on business rates and its potential change to help high street retailers. It also includes relevant data from the British Retail Consortium and Chancellor Philip Hammond’s announcement regarding taxation for online businesses. The article is focused on the main topic without any unnecessary digressions or personal opinions.
Noise Level: 3
Noise Justification: The article provides relevant information about the potential changes in business rates and their impact on high street retailers. It also mentions the concerns raised by the British Retail Consortium and the government’s consideration of taxing online businesses. However, it lacks a detailed analysis or solutions for the issue.
Financial Relevance: Yes
Financial Markets Impacted: High street retailers and online businesses
Financial Rating Justification: The article discusses potential changes to business rates, which can impact the financial performance of high street retailers and online businesses. It also mentions a £2bn increase in payments over three years for retailers and a possible tax on online businesses.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text.
www.retailsector.co.uk