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- 2021 -28 JanuaryHigh Street
January brings -50% sales slump
Retailers in January witnessed the weakest sales month since May 2020, with sales down -50% from the previous month. According to the Confederation of British Industry (CBI), the decline follows what has been a “broadly stable” sales period in December, as Covid restrictions briefly eased. In January it was also…
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25 JanuaryCoronavirus
Waterstones boss warns of closures unless gov extends rates relief
James Daunt, the boss of book retailer Waterstones, has warned that he could be forced to close stores unless the government extends its business rates relief and other forms of state aid. Talking to Retail Week, he said that while he has no intention to close stores currently – it…
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19 JanuaryGovernment
Sunak looks to raise corporation tax in March budget
Chancellor Rishi Sunak is reportedly looking to raise corporation tax in the upcoming March budget to pay off the estimated £400bn borrowed by the UK throughout the pandemic. According to The Financial Times, the alleged move has sparked uproar among business owners who claim they are still struggling with the…
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8 JanuaryNews
Pets at Home raises guidance following sales boost
Pets at Home has raised its full-year guidance following a period of “accelerated momentum” in its third quarter of trading. Based on its current year-to-date trading, as well as assuming no change to its “essential retailer” designation, it now anticipates full-year pre-tax profit to be ahead of its previous guidance,…
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5 JanuaryHigh Street
BRC says national lockdown will be severe on businesses
The British Retail Consortium (BRC) has released a response to the latest lockdown restrictions imposed by the government stating the “severity” it will have on businesses. The restrictions announced yesterday (4 January 2021) force the closure of all non-essential retail, pushing the UK back into a lockdown similar to March.…
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Dec- 2020 -23 DecemberCoronavirus
Labour calls for high street Fightback Fund
Labour has urged the government to “stand up for businesses” through a Hospitality and High Streets Fightback Fund, aimed at supporting businesses hit by the recent Tier 4 restrictions. It comes as almost 175,000 businesses in Tier 4 areas across London, the South East and the East of England have…
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21 DecemberCoronavirus
Tier 4 will bring ‘severe’ consequences to retail sector, warns BRC
Retail will face “severe” consequences in light of heightened restrictions across much of the UK, the British Retail Consortium (BRC) has warned. It comes after prime minister Boris Johnson’s announcement that Tier 4 restrictions would be introduced in London and the South East, effective from yesterday (20 December). Under Tier…
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10 DecemberSport & Leisure
Frasers Group reports 30% rise in half-year profits
Frasers Group has reported a 29.1% surge in after-tax profit to £84m in the 26 weeks to 25 October. The Mike Ashley-owned retail group said lockdown closures across its non-essential stores have resulted in a 7.4% drop in group revenue to £1.9bn. Over this period, Frasers Group’s sport retail business…
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7 DecemberDIY
Kingfisher set to return business rates relief funds
Kingfisher has announced it intends on returning the full amount of business rates relief received to the UK and ROI as a result of the Covid-19 crisis. Kingfisher said its “total annual business rates bill” eligible for this relief is approximately £130m, of which £110m falls in FY 20/21 and…
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4 DecemberCoronavirus
Co-op members urge company to return rates relief
The Co-op Group is reportedly being urged by its members to reverse its decision not to repay the millions of pounds it has received in rates relief this year. According to Sky News, some of its National Members Council believe that due to the £150m it has generated from the…
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