In data: 17,000 UK shops at risk as retail leaders urge business rates cut [Yahoo! Finance]
ASSOCIATED BRI/F UNSP/ADR (ASBFY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
groceries, fashion, furniture, electronics and more argue that high business rates are contributing to the decline of high streets, with the UK losing over 1,000 shops annually. Signatories of the letter included fashion brand leaders from H&M, Footasylum, Marks & Spencer (M&S), Matalan, Monsoon, Primark, New Look, and Schuh. Without intervention, research suggests a further 17,000 shops could close over the next decade. The proposed Retail Rates Corrector aims not only to prevent further closures but also to stimulate investment in jobs, retail locations, and communities. The Retail Rates Corrector proposes a 20% reduction in business rates for retail properties, aimed at addressing the disparity in tax contributions. Retail and hospitality sectors currently pay the highest proportion of their pre-tax profits in taxes compared to other business sectors, with one-fifth of retail's £33bn ($43bn) tax bill coming from business rates—1.5 times greater than its share of the overall
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