One year business rates relief granted to all retailers
The one year business rates holiday which was initially announced for business for commercial premises with a rateable value of below £51,000, has now been extended to all retailers as part of the government’s updated economic support for UK businesses and amid the coronavirus crisis.
Chancellor Rishi Sunak announced that the business rates holiday to all retailers starting in the next government financial year.
In addition, the government has also announced it will provide £330bn of government-backed loans and guarantees for UK businesses.
In his statement, Sunak said:
“This is not a time for ideology and orthodoxy, this is a time to be bold, a time for courage. I want to reassure every British citizen this government will give you all the tools you need to get through this.
“That means any business who needs access to cash to pay their rent, their salaries, suppliers or purchase stock will be able to access a government-backed loan or credit on attractive terms.
“And if demand is greater than the initial £330bn I’m making available today, I will go further and provide as much capacity as required. I said whatever it takes, and I meant it.”
Companies and trade bodies have largely welcomed the announcement.
BRC chief executive Helen Dickinson said: “The business rates holiday, together with the announcement of a loan package, represent a vital shot in the arm for a sector facing enormous uncertainty. We still need to see the details and make sure that retailers can access cash with the minimum of delay, but it is a welcome and necessary first step to protect jobs.”
John Webber Head of Business Rates at Colliers International commented: “The Government seems to be putting its hands in its pockets and finally delivering what we and our retail and hospitality clients have been calling for – support for all in the sector- not just the smaller players.
“The Chancellor’s speech is a step in the right direction. He does finally appear to have had his ear to the ground and we welcome these immediate relief measures as a lifeline to one of our most hard-pressed sectors in these difficult times.”
