Transitional relief will cost retailers £1bn as Frasers boss calls for ‘hard and deep’ cuts
The British Retail Consortium has warned transitional relief could cost retail £1bn over the next three years, as Frasers boss Michael Murray called for drastic government action.
The BRC said failure by the government to fix the current transitional relief for business rates will cost retailers £1bn between 2023 and 2026, with the sector subsidising other industries and forcing businesses in “poorer parts of the country, where rents are dropping, to subsidise those in richer areas, where rents are rising”.
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