High Street Outlets at Risk of Closure
UKHospitality and the British Retail Consortium (BRC) are calling on the Government to exempt hospitality and retail outlets from a planned business rates surcharge.
The surcharge would affect 5,000 high street properties with a rateable value over £500,000, putting 500 premises at risk of closure and impacting approximately 120,000 jobs.
The Government’s manifesto committed to reforming business rates and levelling the playing field for the high street.
The trade bodies believe that exempting hospitality and retail businesses from the surcharge is necessary to achieve this goal, as they have been overpaying for decades.
- 5,000 high street properties would be affected by the surcharge
- 500 premises would be at risk of closure
- Approximately 120,000 jobs would be impacted
Author's summary: High street outlets face closure due to rates surcharge.
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