18,000 Jobs Lost and Shops Closing Amid Unfair Tax System
- 18,248 retail jobs lost in past two months
- 1,211 shops shuttered since start of decade
- Retail premises denied £100m in tax reductions on April 1st
- Total retail loss over £1.2bn due to 2017 revaluation
- Transitional Relief schemes phase-in large increases for ratepayers
- £61m net loss to retail sector in 2020/21
- £99m tax reductions denied through phasing in of large reductions
The retail sector has suffered a significant blow with almost 18,248 jobs lost in the past two months and 1,211 shops shutting down since the start of the decade. The Centre for Retail Research (CRR) revealed that retail premises will also be denied £100m in tax reductions on April 1st, bringing the total loss to over £1.2bn. The 2017 revaluation was supposed to benefit economically disadvantaged areas with declining property values but has instead had an ‘acute impact’ on properties where rents have significantly decreased. Real estate adviser Altus Group explained that Transitional Relief schemes phase in large increases in rates bills over time, funded by denying correct reductions for those least able to afford it. Robert Hayton, head of UK business rates at Altus Group, called for a fairer system: ‘A small supplement on all bills would spread the burden equally and act as an insurance premium against sudden liability increases.’
Factuality Level: 8
Factuality Justification: The article provides accurate information from reputable sources such as Centre for Retail Research and Altus Group, and presents a clear argument about the impact of business rates on the retail sector. It also includes expert opinions from Robert Hayton, head of UK business rates at Altus Group.
Noise Level: 3
Noise Justification: The article provides relevant information about the impact of business rates on the retail sector and offers some analysis from Altus Group, but it could benefit from more in-depth exploration of potential solutions or policy changes to address the issue.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses job losses in the retail sector and the impact of business rates on retailers, which affects their financial situation and can potentially impact related companies and financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article, and the situation described is related to financial issues in the retail sector rather than a catastrophic or major event.
www.retailsector.co.uk