Coalition of Retail Giants Calls for Action on ‘Shop Tax’ as Inflation Soars

  • Retail Jobs Alliance calls on Rishi Sunak and Liz Truss to cut business rates
  • Businesses face a 10% increase in rates next spring amid rising inflation
  • Coalition of retailers including Morrisons, Greggs, Tesco, Co-op, Kingfisher, Sainsbury’s, and Waterstones sign the open letter
  • 77% of top 10% highest tax burden areas are in the North and Midlands
  • UK property taxes four times higher than Germany and 50% above G7 average

The Retail Jobs Alliance, a group of major retailers including Morrisons, Greggs, Tesco, Co-op, Kingfisher, RivingtonHark, Sainsbury’s, and Waterstones, has called on the next UK Prime Minister to address the issue of business rates, which they claim are ‘killing our high streets’. The coalition warns that without urgent action, many shops, restaurants, and pubs will struggle to stay open as businesses face a 10% increase in rates next spring amid rising inflation. In an open letter to Rishi Sunak and Liz Truss, the group highlights that property taxes in the UK are four times higher than Germany and 50% above the G7 average. The Retail Jobs Alliance argues that a permanent reduction in business rates for all retailers would help them invest more in shops and create jobs.

Factuality Level: 10
Factuality Justification: The article provides accurate information about the Retail Jobs Alliance’s call for cutting business rates and its impact on high streets, citing specific statistics and comparisons with other countries. It also includes a clear request from the alliance for a permanent reduction in business rates for all retailers.
Noise Level: 3
Noise Justification: The article provides relevant information about the concerns of the Retail Jobs Alliance regarding business rates and their impact on high streets, but it lacks a deeper analysis or exploration of potential solutions beyond the call for a permanent reduction in business rates. It also does not delve into the broader economic implications or alternative perspectives.
Financial Relevance: Yes
Financial Markets Impacted: UK retail sector
Financial Rating Justification: The article discusses the concerns of a coalition of UK retailers regarding business rates, which are taxes on commercial properties, and their impact on businesses in the sector. This affects companies’ ability to invest and create jobs, potentially leading to store closures in certain regions.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the text.

Reported publicly: www.retailsector.co.uk