Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
Retail

UK Retail Industry Welcomes Business Rates Holiday: BRC

The retail industry in the UK has welcomed the government’s decision to extend business rates holiday to all retailers to deal with the coronavirus outbreak in the country.

Commenting on the move, chief executive of the British Retail Consortium, Helen Dickinson, said, “Business rates are a huge burden for retailers at the best of times. The business rates holiday, together with the announcement of a loan package, represent a vital shot in the arm for a sector facing enormous uncertainty.

“We still need to see the details and make sure that retailers can access cash with a minimum delay, but it is a welcome and necessary first step to protect jobs.”

Finance minister, Rishi Sunak announced the suspension of property tax, and introduced a new loan guarantee programme which was equivalent to 15% of British economic output for all retail, hospitality and leisure businesses.

Dickinson added that the measures will act as a huge boost for cashflow and will improve the confidence of affected businesses.

“The Chancellor has said he will do whatever is necessary to support business and he has shown that he can respond to the changing need of retailers. While these are the right decisions today, the Government may have to take further steps as the full effects of the situation unfold,” she explained.

© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days