In letter to chancellor, Tesco and M&S are among firms warning tax could result in widespread store closuresMore than 70 retailers, including Tesco, Marks & Spencer and Ikea, are lobbying the chancellor, Rachel Reeves, for a 20% cut to business rates, warning that the property tax could force tens of thousands of shops to shut.In a letter to Reeves coordinated by the British Retail Consortium (BRC), executives are pushing the Treasury to introduce a “retail rates corrector” on the levy, which is a property-based tax charged by local councils and imposed on businesses including retailers, pubs, factories and company offices. Continue reading…
Source link : https://www.theguardian.com/business/2024/oct/07/more-than-70-retailers-urge-reeves-to-make-cut-to-business-rates
Author : Kalyeena Makortoff
Publish date : 2024-10-06 23:01:06
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More than 70 retailers urge Reeves to make 20% cut to business rates
