What's happened
As the Labour Party pledges to reform business rates, industry leaders warn that thousands of shops and pubs could close if immediate relief isn't provided. The current rates relief scheme is set to expire in March, risking a £2.7 billion tax burden on struggling businesses.
Why it matters
What the papers say
According to The Mirror, Chancellor Rachel Reeves emphasized the need for reform at the Labour Conference, stating that the party aims to 'level the playing field' for high street businesses. However, industry experts from UKHospitality warn that without extending the current rates relief, up to 20,000 firms could be at risk of closure, impacting 400,000 jobs. The British Retail Consortium has also called for a permanent 20% discount on rates for shops, highlighting the urgent need for government intervention. In contrast, The Economist notes that while capital has flowed into the battery-making sector, companies are now facing cutbacks, illustrating the broader economic challenges affecting various industries.
How we got here
The Labour Party has committed to overhauling the business rates system, aiming to create a fairer environment for high street businesses compared to online giants. However, concerns are rising as the current relief scheme is due to end in March 2025.
Common question
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