Business Rates Surcharge Threatens UK Hospitality and Retail
Trade bodies have warned that a new business rates surcharge could force 500 major UK hospitality and retail premises to close, threatening 120,000 jobs.
UKHospitality and the British Retail Consortium (BRC) urged the Government to exempt high street businesses to protect jobs and local economies.
“The broken business rates system has punished bricks and mortar hospitality businesses for decades, with our sector paying three times more than its fair share.” - Kate Nicholls, UKH chair
- 5,000 high street properties with a rateable value of more than £500,000 would be impacted by a higher tax rate.
- 500 larger venues employ around 120,000 people, which would be affected by any closures.
Author's summary: Business rates surcharge threatens 500 UK premises.