The business pledges of the Conservative leadership finalists

As Conservative leadership battle continues, Rishi Sunak and Liz Truss have further expanded on their manifestos to be the next prime minister. One of the most anticipated topics for the next PM is how they are going to address the current rising cost of living for both the public and businesses. So ahead of the final vote in September, Retail Sector has collated both candidates' positions on corporation tax, businesses rates, and inflation below.

Business Rates

On 9 August, the Retail Jobs Alliance, a coalition of retailers including Morrisons, Greggs and Tesco, called on both Sunak and Truss to pledge to cut business rates which are charged on most non-domestic properties, such as shops, offices, pubs, warehouses, factories, and holiday rental homes or guest houses. In a letter to the Tory candidates, the alliance said that businesses are facing a 10% increase in rates next spring as inflation is set to climb even higher in the coming months, placing an “unsustainable burden on what is already the most taxed sector in the country”.

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