What's happened
Chancellor Rachel Reeves reiterated Labour's commitment to reforming business rates at the Labour Conference, as industry leaders warn of potential closures for thousands of shops and pubs. The current rates relief scheme is set to expire in March, risking a £2.7 billion tax burden on the retail and hospitality sectors.
Why it matters
What the papers say
According to The Mirror, Chancellor Rachel Reeves emphasized the need for reform at the Labour Conference, stating, "We must level the playing field between high street and online giants." Meanwhile, UKHospitality's chief executive, Kate Nicholls, warned of a "devastating cliff-edge" for businesses if relief is not extended, highlighting the urgency of the situation. The British Retail Consortium also called for a permanent 20% discount for shops, indicating a consensus on the need for immediate action to support struggling sectors.
How we got here
The call for reform follows a growing crisis in the retail and hospitality sectors, exacerbated by the expiration of a significant rates relief scheme. Industry bodies are urging immediate action to prevent widespread closures as the government prepares for its upcoming budget.
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