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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May- 2021 -28 MayClothing & Shoes
JD Group chairman banks £6m in bonuses despite 75% pay cut
The executive chairman of JD Group, Peter Cowgill, was reportedly handed nearly £6m in “special bonuses” over the course of 18 months despite the company accepting more than £100m in government support. During the course of the pandemic, the group received £86.1m in furlough payments for staff and roughly £38m…
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24 MayDepartment Stores
John Lewis chair calls for rates rethink to help ‘level’ up retail
John Lewis chair Sharon White has called for chancellor Rishi Sunak to scrap the business rates system in favour of a new land tax which could help “level up” the playing field when it comes to physical and online retail. Speaking to The Telegraph, White said that reform is needed…
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18 MayClothing & Shoes
Shoe Zone reports £2.6m loss as revenues fall 40%
Shoe retailer Shoe Zone has reported a loss before tax of £2.6m for the six month period ending 3 April. The retailer attributed the loss to “tighter cost controls and an increase in digital”. It comes as it also saw revenues for the period plunge over 40% to £40.4m. As…
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13 MayHigh Street
Retail sales up by 7.3% in April after reopening
Retail sales increased substantially between 4 April and 1 May 2021, around the time non-essential retail was allowed to reopen, compared to April 2019, according to the British Retail Consortium (BRC) and KPMG’s survey of retailers in the UK. Due to 2020 being a “turbulent time” for the sector, BRC…
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11 MaySupermarkets
Morrisons predicts stronger profits amid sales surge
Morrison’s has predicted that net debt for the year will be no higher than pre-pandemic levels and that profit before tax will grow to more than the £431m the group achieved last year had the group not waived its right to £230m business rates relief. The news follows the supermarket’s…
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Apr- 2021 -14 AprilSupermarkets
Tesco profits fall 20% despite rising sales
Tesco has reported that pre-tax profits plunged 19.7% to £825m in its latest full-year results, despite UK like-for-like sales increasing by 7.7% to £39.4bn in the period. It comes as the group said the pandemic had “far-reaching” impacts on its operations, as it incurred Covid-related costs of £892m, largely attributed…
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8 AprilHigh Street
Co-op to repay £15m furlough relief as profits rise to £77m
The Co-op has revealed it will repay £15.5m of the Covid relief it received from the government’s furlough scheme but will retain what it received in business rates support. The news comes after it reported a bumper rise in profits after tax and discontinued items for the year to £77m.…
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6 AprilSupermarkets
Iceland MD calls for digital sales tax
The boss of Iceland is calling for a digital sales tax to support the British high street’s economic recovery post-lockdown. Malcolm Walker, managing director of the group, believes a tax on online sales could potentially become part of an overhaul of current business rates, which he refers to as “outdated…
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Mar- 2021 -31 MarchGovernment
Retail leaders call for ‘Shop Out to Help Out’ scheme
The Save the Street campaign, supported by the British Fashion Council and retail expert Mary Portas, is calling for the government to adopt an incentive scheme similar to its ‘Eat Out to Help Out’ initiative last summer. Founded by Ross Bailey, CEO and founder of Appear Here, the campaign represents…
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22 MarchEconomy
Sunak delays debate for online sales tax until autumn
Chancellor Rishi Sunak will reportedly wait until autumn before deciding whether or not to impose a UK online sales tax which will attempt to level the playing field between online retailers and the high street. According to the Financial Times, Sunak is waiting until US president Joe Biden’s administration team…
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