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.