The British Retail Consortium (BRC) has welcomed moves in the UK Budget to alleviate business rates, with a move from RPI to CPI indexation for said rates set to be brought forward by two years to 2018.
This ‘hugely welcome and positive’ announcement will be worth around £210 million for the UK retail industry, the BRC said.
'Listened To The Industry'
“From being caught in a web of competing pressures from all parts of the economy, limiting the scope for action, it’s clear that the Chancellor has listened to the retail industry and the growing chorus from across business and commercial life who have spoken up in favour of action to mitigate rising rates bills,” said Helen Dickinson, chief executive of the BRC.
“Crucially, this relief will unleash investment that retailers want to direct towards the needs of their customers. This will be particularly critical at a time when shoppers’ disposable income is being squeezed further and the growth projections for the economy have been downgraded.”
The BRC also praised the move to introduce three yearly revaluations for businesses, which it said is a positive move in improving the ‘fairness’ of the rates system.
“These are encouraging first steps, so now is the time to commit once and for all to putting the rates system on a more affordable and sustainable footing, to support local communities, shops and jobs,” said Dickinson. “We are keen to work with Government to deliver on that.”
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
