The announcement follows calls from the British luxury sector to the UK Government to:
• Reduce the burden of Business Rates for all businesses, especially those in Britain’s high-end shopping districts as well as high streets
• Introduce One Year Revaluations and to connect the business rate system to business performance. According to the New West End Company, in the West End, the business rates revaluation implemented in 2017 saw business rates bills rise by an average of 80% while sales during the same revaluation period (2008-2017) rose by just 30%. Meaning there is no link between property value and occupiers’ performance.
Helen Brocklebank, CEO of Walpole, said: “The Chancellor’s decision to halve business rates for the retail, hospitality and leisure sectors is very welcome news and will be a significant help to the British luxury sector over the course of the next 12 months. Luxury businesses are doing all they can to provide solutions to the problems that they face and prior to the pandemic the sector was outstripping GDP in growth each year, supporting over 160,000 jobs in each of the nations and regions. With temporary support measures the sector will recover and will be an important generator of future growth for UK plc.”
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