Retailers Seek Level Playing Field with Online Competitors

  • UK Treasury rejects calls for business rates reform to level playing field with online retailers
  • Chancellor Philip Hammond prioritizes international corporation tax reform over business rates
  • Retailers pay £8bn in business rates annually, face high street decline and increased costs
  • The New West End Company proposes revenue-based tax on online retailers for fair competition

The UK Treasury has rejected calls from high street retailers to reform business rates in order to compete with online retailers. Chancellor Philip Hammond prioritizes international corporation tax reform, stating that his department had already investigated the issue in 2016 and found no consensus on an alternative base. Retailers pay £8bn annually in business rates while facing declining footfall and increased costs. The New West End Company suggests a revenue-based tax on online retailers for fair competition.

Factuality Level: 8
Factuality Justification: The article provides accurate information about the UK Treasury’s stance on business rates reform, quotes from Chancellor Philip Hammond, and includes relevant details about the concerns of high street retailers. It also presents arguments from both sides of the issue without presenting personal opinions as facts.
Noise Level: 3
Noise Justification: The article provides relevant information about the UK Treasury’s stance on business rates reform for high street retailers and includes quotes from key figures. However, it could benefit from more in-depth analysis of the issue and potential solutions beyond the current disagreement.
Financial Relevance: Yes
Financial Markets Impacted: UK retail sector, high street retailers, online retailers
Financial Rating Justification: The article discusses the UK Treasury’s decision regarding business rates reform for high street retailers and its impact on their ability to compete with online retailers, which affects the financial landscape of these sectors.
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 text.

Reported publicly: www.retailsector.co.uk