Call for Action on Business Rates to Boost High Street Revival
- Retail CEOs call on Chancellor for ‘shoppers’ budget’
- British Retail Consortium recommends freezing business rates multiplier in 2018 and switching to CPI indexation
- UK business rates are highest in OECD nations, discouraging local investment
- Retailers face £270m increase in business rates bills next Spring
- Action needed to support high streets and town centers
- Increased confidence in investing in new stores and job creation
Leading UK retail bosses are urging the Chancellor, Phillip Hammond, to deliver a ‘shoppers’ budget’ in order to relieve the burden of business rates and support investment in new stores. The British Retail Consortium (BRC) has recommended freezing the business rates multiplier in 2018 and switching from RPI to CPI indexation. UK business rates are currently the highest in the OECD, discouraging local investment. With nearly one in ten retail premises vacant, a £1.2 billion increase in rates bills is expected from April. The BRC argues that action in the Chancellor’s Budget to halt the 4% planned business rates hike in April 2018 would be a positive first step towards a more sustainable and reformed system. Retailers need a pragmatic approach to rates reform, reflecting the dynamic retail sector and economic uncertainty.
Factuality Level: 9
Factuality Justification: The article provides accurate information about the concerns of British retailers regarding business rates and their impact on investment plans. It includes quotes from CEOs of various retail companies supporting the call for action in the Budget to relieve the burden of business rates. The article is focused on the main topic without any digressions or irrelevant details.
Noise Level: 3
Noise Justification: The article provides relevant information about the concerns of British retailers regarding business rates and their impact on investment plans. It includes quotes from CEOs of various companies supporting the call for action from the Chancellor to address this issue in the upcoming Budget. The article stays focused on the topic and supports its claims with evidence of the financial burden faced by retailers.
Financial Relevance: Yes
Financial Markets Impacted: UK retail sector
Financial Rating Justification: The article discusses the impact of business rates on the UK retail sector and calls for action from the Chancellor to address this issue in the upcoming Budget, which could affect investment plans and potentially impact financial markets related to retail companies.
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 article
www.retailsector.co.uk