Next CEO Urges 35% Cut in Business Rates to Save Shops from Closures
- Chancellor Rishi Sunak delays review of business rates until autumn
- Next’s chief executive calls for a 35% cut in business rates for high street stores
- Scottish government announces similar plan on 16 February
Chancellor Rishi Sunak has announced that the review of business rates, which was expected to consider an online sales tax, will be delayed until later this year. The decision comes as the economic uncertainty surrounding the pandemic continues. However, it is believed that Sunak may extend business rates relief for another financial year in the March Budget. Next’s chief executive, Lord Simon Wolfson, has called for a 35% cut in business rates for high street stores to prevent unnecessary closures, stating that the current system is unfair to traditional retailers struggling under restrictions. In-store sales at Next have dropped by 25% since 2015 while property rates have risen by 9%.
Factuality Level: 8
Factuality Justification: The article provides accurate and relevant information about Chancellor Rishi Sunak’s decision to delay a report on business rates review and mentions the potential extension of business rates relief. It also includes comments from Next chief executive Lord Simon Wolfson regarding the unfairness of the current system and its impact on traditional retailers. The article is not overly dramatic or sensational, and presents a clear topic without unnecessary digressions.
Noise Level: 3
Noise Justification: The article provides relevant information about the delay in the review of business rates and the potential extension of relief for retail and hospitality property owners. It also includes a call from Next chief executive Lord Simon Wolfson to cut business rates for high street stores. However, it lacks in-depth analysis or exploration of long-term trends or consequences of decisions on those who bear the risks.
Financial Relevance: Yes
Financial Markets Impacted: UK property market, retail sector
Financial Rating Justification: The article discusses the potential changes to business rates and relief for retail properties, which can impact the financial situation of businesses in the UK property market and the retail sector.
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 last 48 hours.
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