Business Rates
This coverage examines business rates policy and its implications for the UK retail sector. Reporting focuses on government decisions, reforms, rate relief measures, and their impact on store operations, profitability, and investment decisions. Tailored for retail executives and managers, it provides analysis to help navigate costs, advocate for change, and plan effectively in response to fiscal pressures.
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Mar- 2023 -6 MarchHigh Street
Retail leaders criticise business rates reform
Retail bosses from M&S, Sainsbury’s and Currys have criticised the changes made to business rates, according to This is Money. According to the retailers, these changes will still leave high streets and shopping centres still facing high taxes, as the new business rates are charged on shops, pubs and other…
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Feb- 2023 -13 FebruaryClothing & Shoes
Mulberry shutters Bond Street store amid end of VAT-free shopping
Luxury fashion retailer Mulberry has shuttered its Bond Street store after it claimed that the end of VAT-free shopping for international consumers has negatively impacted its sales at the location. Last year chancellor Jerermy Hunt decided to implement the levy which now sees international visitors unable to claim back the…
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Jan- 2023 -27 JanuaryClothing & Shoes
Superdry lowers FY profit guidance to breakeven
Superdry has revealed it recorded an adjusted loss before tax of £13.6m for the 26-week period ending 29 October 2022, and as such has lowered its FY profit guidance from £10-£20m to breakeven. The clothing retailer owned by Julian Dunkerton said the performance comes from a return to normal rent…
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Dec- 2022 -20 DecemberHigh Street
Shop prices surge to record highs
Shop Price annual inflation accelerated to 6.6% in October, up from 5.7% in September, according to the latest BRC and Nielsen tracker. This is above the three-month average rate of 5.5%, marking another record for shop price inflation since this index started in 2005. Food inflation accelerated strongly to 11.6%…
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Nov- 2022 -28 NovemberEconomy
Retail sales plummet in November, CBI finds
Retailers saw their sales volumes plummet in the year to November, according to the CBI’s latest quarterly distributive trades survey, and a similar rate of decline is expected in December. Retail sales declined -19% in the year to November down from +18% in October. The CBI said a similar fall…
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28 NovemberOnline & Digital
Amazon tax bill to rise by £29m next year
Amazon’s business rates are reportedly set to rise by around £28.75m next year, as next year’s business rates are set to heavily impact online retailers, according to new analysis from real estate advisor Altus Group. It warned that the online giant may be faced with paying £100m in extra tax…
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18 NovemberEconomy
Retail reacts: Gov has taken ‘first step to longer term reform’
The retail industry has welcomed chancellor Jeremy Hunt’s Autumn budget announcement, with the BRC saying it shows “the government has heard the concerns of retail”, despite the CBI adding it believes “businesses will think there’s more to be done on growth”. Jeremy Hunt unveiled his Autumn budget on November 17,…
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14 NovemberHigh Street
Retailers call on chancellor to freeze business rates
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…
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8 NovemberNews
Retail sales recovery slows in October
The recovery of retail sales slowed in October, as on a total basis, retail sales increased by 1.6%, against an increase of 1.3% in the same month last year. This is also below the three-month average of 1.7% and the 12-month average growth of 2.7%, according to the British Retail…
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Oct- 2022 -11 OctoberHigh Street
ScS sees revenues rise but warns of reduced consumer confidence
ScS has reported a record 8.6% revenue rise in its preliminary results for the 52-week period ended 30 July 2022, as it also warned that recent trading had been impacted by falling consumer confidence. ScS confirmed revenues hit £331.6m, up from £305.2m. Despite the revenue increase it added its pre-tax…
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