Vivienne King, Chief Executive at Revo, has issued a statement responding to the Chancellor’s Summer Economic Update, in which she warns that unless the Government undertakes a fundamental review of business rates and direct financial support to underwrite rents then 3 million retail jobs remain in jeopardy.
Vivienne King, Chief Executive at Revo, said: “The measures that the Chancellor has put in place to save jobs, with a focus on getting young people back to work, is welcomed and is good news for the retail and hospitality sectors hit by the pandemic.
“The temporary cut in VAT is also a positive step and should help the retail sector by boosting consumer spending and encouraging people back to retail and leisure places.
“We have advocated for the fundamental review of business rates promised in this government’s manifesto and direct financial support to underwrite rents for businesses that are unable to pay due to the lockdown. Without this, our fear is that 3 million retail jobs, many held by young people, are in jeopardy, and future generations could be denied the vital first step on the employment ladder if there is not more support for town centre regeneration.
“The future of town centres is central to government’s ambition to level up the UK economy. Cutting stamp duty for residential transactions is a welcome intervention but the Chancellor has missed an opportunity to cut the tax on commercial transactions, which would encourage investment into the towns and cities where we need it most.”
Revo is the organisation which represents all stakeholders in the £360 billion retail property sector, including retailers, property owners and local authorities.