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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Jan- 2022 -20 JanuaryHigh Street
WH Smith shareholders rebel over CEO bonus
WH Smith has seen its shareholders rebel over its plans to pay its chief executive Carl Cowling a £550,000 bonus, with 46% of the votes at its AGM cast against its remuneration report. The bonus is to go ahead after it received 54% approval, however when taking into account those…
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Dec- 2021 -21 DecemberCoronavirus
Sunak unveils £1bn support package for Omicron-hit businesses
Chancellor Rishi Sunak has announced a further £1bn support package for businesses impacted by the new Omicron variant. As part of the support, businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6,000 per premises. There will also be more than…
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Nov- 2021 -18 NovemberDepartment Stores
House of Fraser to close its Oxford Street store
Mike Ashley’s Frasers Group has confirmed that its flagship store on London’s Oxford Street is to close permanently. The retailer revealed that it had been served its notice by the landlord after planning permission was granted to redevelop the site. Frasers added that since it acquired the site in 2018…
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4 NovemberEconomy
Footfall improves during October
October footfall saw a “noticeable improvement” to -13.4% lower than in 2019 compared with -17.4% in September, according to the latest figures from Springboard. The final week of the month, which included the October school half term, was “pivotal” in boosting footfall, shifting the average from -14.3% over the first…
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Oct- 2021 -27 OctoberGovernment
Chancellor unveils 50% rates discount for Retail, Hospitality and Leisure
Chancellor Rishi Sunak has unveiled a 50% discount on business rates for the hospitality, retail and leisure sectors (up to £110,000), equating to a business tax cut worth £1.7bn, the biggest single-year rates cut for firms in over 30 years. Unveiling his latest Budget in the Commons today (27 October),…
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26 OctoberNews
BPF calls for intervention to bring forward £8.5bn high street boost
The British Property Federation (BPF) has called for “immediate intervention” to bring forward an £8.5bn boost for UK high streets if the fundamental reform of business rates is delayed. It revealed that analysis from property advisor Avison Young shows that as a result of the next revaluation the total annual…
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14 OctoberHigh Street
Over 40 employee groups pen letter urging Sunak to cut business rates
The CBI, along with 41 trade associations spanning the UK economy, have issued a joint statement urging the chancellor Rishi Sunak to reform the business rates system and “unleash a wave of business investment across key government priorities, including net zero and levelling up”. The joint statement from businesses is…
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14 OctoberEconomy
Mid-market retailers set to continue investments, RSM say
The shift in focus to online in the mid-market retail sector is set to continue, with the majority of retailers looking to enhance their online offering, with 83% and 78% looking to increase the volume and range respectively, according to new research from RSM. The accountancy firm said the research…
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12 OctoberHigh Street
Retailers plan increased store space despite business rates challenge
Mid-market retailers are set to invest in more physical stores over the next two years in a bid to increase their store space and focus on the in-store customer experience, new research from RSM has found. Its latest survey revealed that 58% of physical retailers plan to increase their retail…
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Sep- 2021 -22 SeptemberNews
Fenwick losses widen to £112m
Department store chain, Fenwick, has revealed its losses have widened to £112m for the 52-week period ending 29 January 2021. The company said the results come after what it called “the most difficult trading conditions in living memory” with the Covid-19 pandemic forcing its stores to be closed for 21…
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