Addressing the Inequality in Taxation for Large Retailers and Hospitality Businesses

  • Treasury select committee launches inquiry into business rates
  • Inquiry part of wider Housing, Communities and Local Government committee’s investigation on high street
  • Focus on measures from the 2018 Budget’s impact on high street businesses
  • Joint hearing with the Department for Communities held yesterday
  • Final evidence session for Communities Future High Streets 2030 Inquiry
  • Robert Hayton of Altus Group welcomes intervention

The Treasury select committee has initiated an investigation into business rates as part of a broader inquiry by the Housing, Communities and Local Government committee concerning the high street. Chair Nicky Morgan mentioned that the terms of reference will be published early next year. The inquiry will concentrate on the consequences of the 2018 Budget’s additional measures on businesses operating on high streets. Yesterday afternoon (December 19), both departments held a joint committee hearing, which will serve as the final evidence session for the Communities Future High Streets 2030 Inquiry. Robert Hayton, head of UK business rates at real estate data provider Altus Group, warmly welcomed the Committee’s intervention. He stated that while the Budget measures were beneficial for independent retailers with smaller premises, they did not assist large retail and hospitality businesses reducing their estates due to high rates. Hayton added that the disparities in property value and tax reductions must be resolved by this inquiry, and hopefully, it will also tackle how to level the playing field between brick-and-mortar and online-only retailers.

Factuality Level: 8
Factuality Justification: The article provides relevant information about the Treasury select committee’s inquiry into business rates and its focus on high street businesses. It also includes a quote from an expert in the field who supports the inquiry and highlights the need for addressing unfairness in taxation for large premises. The information is accurate, objective, and focused on the main topic without any significant issues.
Noise Level: 3
Noise Justification: The article provides relevant information about an ongoing investigation into business rates and its impact on high street businesses, and includes a quote from an expert in the field. However, it lacks extensive analysis or new insights beyond what has already been reported.
Financial Relevance: Yes
Financial Markets Impacted: High street businesses, major retail and hospitality companies
Financial Rating Justification: The article discusses an inquiry into business rates and its impact on high street businesses, which can affect the financial performance of these companies and potentially influence their operations and stock prices.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.

Reported publicly: www.retailsector.co.uk