Retailers warn budget will cause ‘unnecessary loss’ of jobs and shops
Retailers have warned the chancellor’s decision to dodge a full review of business rates will result in an “unnecessary loss” of jobs and shops – saying the budget’s temporary 50% cut for small businesses is not enough to help the high street.
Retailers said the one-year cut, which is capped at £110,000 per business, would only benefit small retailers, bars and restaurants and pubs, because larger shops such as a single department store can pay more than £1m a year in rates.
The cancellation of next year’s planned rise in business rates in Rishi Sunak’s budget on Wednesday, which would have added just over £1bn to bills, according to analysts at real estate adviser Altus, a quarter of which would have been paid by retailers, was welcomed but
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