Published by Michele Maatouk on 7th October 2024
(Sharecast News) - More 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. - Guardian