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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Sep- 2022 -29 SeptemberEconomy
Food inflation rises to a ‘record’ 10.6% in September
Food inflation has grown to 10.6% in September 2022, up from 9.3% in August, which is above the three-month average rate of 9.1% and marks the highest rate of inflation in the food category on record, according to the British Retail Consortium (BRC) Nielsen IQ index. Fresh food inflation also…
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13 SeptemberAnalysis
Retailers’ demands of the new PM
Liz Truss is fresh in her new role as prime minister with enough enthusiasm to tweet, “it’s time to deliver for the people of the United Kingdom”, but while the new Tory leader was yet to be decided, business owners were left with fears that their upcoming winter troubles would…
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6 SeptemberGovernment
Retailers call for strong leadership and high street support from new PM
The retail industry has urged Liz Truss to work alongside the sector and provide “strong leadership” amid the deepening cost-of-living crisis, as she succeeds the role of prime minister today (6 September). The British Retail Consortium (BRC) said that while the retail industry is ready to work with the new…
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5 SeptemberSupermarkets
Iceland boss halts store openings amid cost-of-living crisis
Iceland has reportedly contacted No 10 directly with a plea to prepare an “immediate and radical” cost-of-living package, according to The Guardian, as the retailer has been forced to stall the openings of new stores in light of the rise in energy costs. The news comes as the proportion of…
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2 SeptemberGovernment
Zahawi draws up multi-billion pound tax cut package for businesses
Chancellor Nadhim Zahawi has reportedly drawn up plans for a multi-billion pound tax cut package to help businesses amid rising energy costs. According to The Times, the chancellor said the government could “learn a lesson” from the pandemic by introducing targeted reductions in VAT and business rates to help both…
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1 SeptemberGovernment
Truss in talks to further cut business rates amid rising costs
Liz Truss has reportedly entered discussions with industry lobbyists over plans to further cut business rates. According to The Telegraph, the frontrunner in the Tory leadership campaign could extend business rates relief to more premises in order to protect them from the rising energy costs they face. Reports said the…
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Aug- 2022 -31 AugustEconomy
Food prices rise at fastest rate since 2008, BRC finds
New data from the British Retail Consortium (BRC) and NielsenIQ index has shown that food prices have risen at their fastest rate since 2008 in August, with an increase of 9.3% after an initial 7% increase last month. The BRC reported that fresh food was more than 10% more expensive…
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17 AugustFeatures
The business pledges of the Conservative leadership finalists
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…
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17 AugustEconomy
Inflation hits new 40-year high at 10.1%
Inflation has once again broken records with a new 40-year high recorded last month, as the Consumer Price Index (CPI) hit 10.1% in the 12 months to July 2022, up from 9.4% in June. According to the Office for National Statistics (ONS), the biggest contribution to this figure was rising…
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11 AugustGovernment
Rishi Sunak commits to reducing business rates if elected PM
Rishi Sunak has vowed to slash business rates this autumn during the Conservative leadership debate at the Darlington Hippodrome theatre. The former chancellor committed to extending the current 50% reduction in his first budget as prime minister, saying that small retailers are the “beating hearts of all our communities”. Sunak…
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