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Proposed UK business rate hikes could force 400 store closures and 100,000 job losses, the BRC warns.
Proposed business rate changes targeting large UK retail properties could lead to closures of around 400 stores and up to 100,000 job losses, according to the British Retail Consortium.
Stores in Swindon like Amazon, Aldi, and Nationwide face higher taxes under a new band for properties valued over £500,000, despite retail contributing only 5% to the economy while paying over 20% of business rates.
The BRC warns the tax could harm smaller businesses reliant on foot traffic and urges the chancellor to exclude large shops, suggesting office buildings as an alternative revenue source.
Meanwhile, Morrisons in Swindon faces rising costs and inflation, cutting prices on 650 items and seeking to surrender a long-term lease on an empty store to avoid ongoing rent.
The Treasury is reviewing business rates ahead of the autumn budget.
Los aumentos propuestos de las tasas comerciales del Reino Unido podrían forzar el cierre de 400 tiendas y la pérdida de 100.000 empleos, advierte la BRC.