The British Retail Consortium is actively advocating for fairer taxation for the retail sector.
- The BRC has proposed a 20% adjustment to business rates for retail properties.
- Retail is currently contributing 7.4% to the total business taxes, a significant burden.
- A potential closure of 17,300 shops looms without policy changes.
- A call for government intervention aligns with broader industry recovery efforts.
The British Retail Consortium (BRC) is urging the government to implement a ‘20% Retail Rates Corrector’ as a measure to adjust the business rates for retail establishments. This proposal aims at creating a fairer tax environment for brick-and-mortar retail, which reportedly pays 7.4% of all business taxes, translating to £33 billion. This taxation level represents 55% of the sector’s pre-tax profits.
Without adopting this corrective measure, the BRC warns that up to 17,300 retail shops could face closure within the next decade. Such closures would not only impact employment but also the vitality of high streets across the country.
This initiative is part of a broader campaign by Drapers’ Reset Fashion Retail to support the recovery of the retail industry by advocating urgent action from the government on business rates, retail rents and leases, and local regeneration. This echoes the sector’s need for comprehensive policy reforms to sustain and invigorate the retail landscape.
The British Retail Consortium’s proposal highlights the urgent need for policy reform to sustain the vibrancy of the retail sector.
