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7 Nov 2024

Torq Zone Academy proudly celebrates 10 years as the pioneering institution for bicycle technician trainingRead more…

7 Nov 2024

Accell Group, owner of Raleigh, Lapierre, Babboe, and other bike brands, has announced that its parts and accessories inventory levels are back to normal, with bike inventory expected to follow...

6 Nov 2024

Glasgow is set to receive a substantial boost for cycling infrastructure and community facilities, with over £500,000 of funding to be provided to two major projects.

6 Nov 2024

ACT members won numerous awards and dominated certain category nominations at last week’s BikeBiz Awards 2024 in Birmingham.

1 Nov 2024

Independent retailers across Britain have reacted with dismay to yesterday's Budget, with many warning of store closures, job losses and cancelled expansion plans.

30 Oct 2024

The British Independent Retailers Association (Bira) and the ACT have condemned today's Budget as the most damaging for independent retailers in recent memory, with...

30 Oct 2024

Retailers and hospitality businesses are paying three times their economic share in business rates, according to analysis by the British Retail Consortium (BRC) and UK Hospitality.

30 Oct 2024

eBay is tightening regulations on e-bike and e-bike battery sales in the UK from 31 October, in a change aimed at prioritising consumer safety.

30 Oct 2024

ACT parent company Bira is working with UK Finance and other organisations who form the UK’s wholesale cash industry to gain vital information to ensure businesses get the best possible...

29 Oct 2024

Eighteen organisations, including Cycling UK, Greenpeace, The Centre for Mental Health, and The Association of Directors of Public Health, have urged the Chancellor to allocate 10% of the...

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Retail industry could face "severe consequences" over rise in business rates

Posted on in Business News , Cycles News , Outdoor News

Retailers could be left footing an additional £190 million in business rates after inflation hit a six month high in August of 2.7 per cent reports the BRC.

The British Retail Consortium has warned retailers that if the Consumer Price Index (CPI) figure remains the same for this month, retailers will have to pay an extra £190 million in total for their annual business rates bill from April 2019.

It's thought the government will announce that business rates will be calculated from the ONS CPI figure instead of the Retail Prices Index (RPI) as part of its upcoming autumn Budget.

The retail industry currently pays out £7 billion a year in business rates, which the BRC are campaigning to reduce to help promote growth on the high street.

"These figures would mean severe consequences for the retail industry, which is under significant pressure as it goes through a prolonged and radical period of transformation," said BRC director of business and regulation Tom Ironside.

"Business rates are leading to store closures and hindering the successful reinvention of high streets."
Ironside added: "Ministers need to act to address this £190m increase in retailers' already unsustainable business rates bill."

"In his autumn Budget, the chancellor needs to take action and freeze the business rates multiplier until the next revaluation to help save shops, protect jobs, and preserve high streets, and to give the Government time to work with industry to reform the business rates system and make it fit for purpose in the 21st century".

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