70 UK retail CEOs call for 20% reduction in business rates, citing unfair tax burden.

Over 70 UK retail CEOs, including leaders from major brands, have urged Chancellor Rachel Reeves to implement a 20% reduction in business rates, citing the retail sector's unfair tax burden. Currently, retail contributes 7.4% of all business taxes despite representing only 5% of GDP. The proposed "Retail Rates Corrector" aims to alleviate financial strain, prevent shop closures, and encourage investment in communities, ultimately promoting economic growth and sustainability.

October 06, 2024
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