The British Retail Consortium has said Conservative Party proposals on business rates must go further, after the Tories promised to extend the retail discount on business rates.
In a bid to court businesses and retailers, the Conservative Party have said that if it won a majority and the upcoming election it would “extend the retail discount on business rates to 50% next year” for businesses with a rateable value of less than £51,000.
The party said this would “increase the retail discount from 33% to 50% in 2020/2021” and would effectively be a £280m tax cut for small businesses.
However, in a statement, the BRC said extending the discount to small businesses did not go far enough to save the UK’s suffering high streets and retailers.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.