Retail finance directors to hold business rates summit

A meeting is planned on Monday to bring together the finance directors from BRC member companies who aim to work up the industry’s position on business rates, which will be put forward to the Government later this year.

The meeting will include members with physical stores and online-only retailers, according to the FT.

It comes among a wave of retail support for a business rates overhaul. Retailers including Tesco, Alliance Boots and John Lewis urged the Government to act on business rates and the skills gap at the UK retail sector inquiry this week.

Arcadia tycoon Sir Philip Green also called for a freeze on rates. Retail Week and the BRC have been lobbying the Government to act on business rates over the past year.

The retail sector took on a £175m increase in business rates in April.

Finance directors will also examine the “business rates cliff” faced by the Government as retailers reduce the number and size of properties because of market conditions and the growth of the internet.

However, the meeting is not expected to tackle the possibility of an online-only tax, which has been suggested. The idea has divided industry opinion with BrandAlley chief executive Rob Feldmann calling it a “ludicrous and crazy idea”.