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Retail bosses from some of the UK’s leading retailers – including Tesco, Sainsbury’s, Greggs and Iceland – have called on chancellor Jeremy Hunt to freeze business rates in the autumn statement, which is due to be announced on Thursday 17 November.
Forming the Retail Jobs Alliance, the chief executives have written an open letter which said that current business rates were already putting retail businesses “at breaking point”, and urged the government to take action, warning that rising business rates “risks pushing some retailers under”.
Business groups want the government to reconsider the sharp rise in business rates due to come in next April, which is expected to bring in an extra £3bn to the Treasury.
The letter read: “Without intervention, [business rates] are set to rise with inflation by over 10% in April, the same time as the energy support is set to expire.
“Analysis from our members suggests the real-terms cost impact on shops could be up to 20% due to the impact of inflation and transitional relief. This risks pushing some retailers under and will feed through to inflation.”
