The UK retail sector is facing a significant challenge as government reforms to the business rates system threaten to impose an additional £600 million in costs, particularly affecting large commercial properties with a rateable value above £500,000. While aimed at supporting smaller businesses, these changes will disproportionately burden major retailers, including grocery giants like Tesco and Asda, which may face over £350 million in extra expenses. Analysts warn that this policy could have detrimental effects on high street economies already under pressure from rising employment costs and may ultimately harm suppliers.
Britain's biggest retailers are preparing for as much as £600 million in additional costs due to government reforms that shift property tax burdens to larger properties.
The business rates reform aims to lower taxes for smaller businesses while increasing rates for larger retailers and leisure properties, creating an uneven playing field.
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