REDUCE OUR RATES: Retail bosses" plea over a rising threat to ...

REDUCE OUR RATES: Retail bosses' plea over a rising threat to business

Retail chiefs are pleading with George Osborne to reconsider a planned 5.6 per cent rise in business rates ? well above inflation.

High Street giants represented include HMV, Boots, JD Sports and B&Q owner Kingfisher, whose chief executive Ian Cheshire was among the first to join Financial Mail?s Reduce Our Rates campaign.

They are asking the Chancellor to acknowledge the ?groundswell of support? against the increase, proposed by Local Government Minister Eric Pickles, who has the authority to limit the rise. Osborne has until the Budget on March 21 to reconsider.

Pop-up problem: Claire Watt-Smith struggled with high business rates and supports the call for George Osborne reduce them for small businesses

The appeal, organised by the British Council of Shopping Centres, says: ?An increase of 5.6 per cent presents a clear risk of further insolvencies, job losses and even more empty shops as retailers look to ensure their long-term survival.?

A growing number of small business owners have complained to Financial Mail that the rise will damage enterprise.

Claire Watt-Smith is the founder of BoBelle London, which supplies leather handbags and accessories.

She opened a ?pop-up? shop in central London for Christmas and said: ?The rent was affordable, but the rates were very high. For the effort and expense, it just wasn?t worth it.?

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Source: http://commercial-investor.com/reduce-our-rates-retail-bosses-plea-over-a-rising-threat-to-business/

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