Posted 13th August

Retailers come together to demand Chancellor ‘fix business taxation’

13th August 2019 - 15:19pm
money matters, brc, british retail consortium, government, chancellor, sajid javid, retailer, retail, business rate, tax, kbb, kbbdaily

More than 50 major retailers – including B&Q and Screwfix – have come together to sign a letter to Chancellor Sajid Javid demanding the Government takes action to “fix the broken business rates system”, according to the British Retail Consortium – BRC.

The BRC noted that retail is the largest private sector employer in the UK, employing around 3 million people. The industry accounts for 5% of the UK economy, yet pays 10% of all business taxes and 25% of all business rates.

The signatories asked the Government to put business rates “at the heart of the promised new economic package”. The letter has called for four “fixes”, namely a freeze in the business rates multiplier; fixing transitional relief; introducing an ‘improvement relief’ for ratepayers; and ensuring that the Valuation Office Agency is fully resourced to do its job.

“These four fixes would be an important step to reform the broken business rates system which holds back investment, threatens jobs and harms our high streets,” said BRC CEO Helen Dickinson. “The new Government has an opportunity to unlock the full potential of retail in the UK, and the Prime Minister’s economic package provides a means to do so.

“The fact that over 50 retail CEOs have come together on this issue should send a powerful message to Government.” The BRC added that by taking “swift action” of the recommendations, the Chancellor would “send a clear message that the new Government understands the needs of local communities and that it will act decisively to support the jobs of the country’s largest employer”.

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