Tesco and M&S Warn Burnham Against Budget Tax Raid on Retailers
The Retail Jobs Alliance says 4,000 large stores employ one in three retail workers and warns higher rates would raise prices and cut investment.
- The Retail Jobs Alliance , a coalition of major UK retailers including Tesco, Asda, and Marks & Spencer , warned Prime Minister Andy Burnham that a potential budget tax raid threatens store viability and employment across the country.
- Executives fear Chancellor John Healey will increase the higher business rates multiplier from the 50.8p level set by Rachel Reeves last November, compounding existing sector pressures.
- The RJA told Burnham that "Retail is the most highly taxed sector relative to its economic output, paying 21% of all business rates despite representing only 5% of GDP," while the autumn budget alone added £7bn in new costs last year.
- Usdaw, the fifth-biggest trade union in Britain with 370,000 members, signed the letter, emphasizing that retail provides essential employment pathways for young people examined in the Alan Milburn review.
- Chancellor John Healey will present his first budget in about eight weeks, with speculation mounting that the government will target banking, oil, gas, and retail for a fresh tax raid.
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Sky News UK
Great Yorkshire RadioRetail giants including M&S and Tesco warn PM over budget tax raid
Britain's biggest supermarket chains and the shopworkers' union Usdaw have told Andy Burnham that a rates hike for larger stores would "severely impact investment [and] employment" in a letter obtained by Sky News.
Tesco and M&S warn Burnham against Budget tax raid on retailers
Top supermarkets including Tesco, Sainsbury’s and Marks & Spencer have urged Andy Burnham to rule out a Budget tax raid on retailers, warning they are already facing “unsustainable” costs. The Retail Jobs Alliance (RJA), which represents retailers employing more than 1m people, has urged the Prime Minister not to prioritise pubs and bars over high [...]
Higher business rates multipliers will weigh on prices, retailers warn
Drapers Higher business rates multipliers will weigh on prices, retailers warn The Retail Jobs Alliance (RJA), a coalition of retailers including Marks & Spencer, Primark and Asda, have warned that increased business rates on properties with rateable values over £500,000 will negatively affect prices for consumers. The post Higher business rates multipliers will weigh on prices, retailers warn appeared first on Drapers.
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