The burden of business rates is an issue that frequently comes up frequently, and is something that’s already featured on the ‘wishlist’ of the British Independent Retailers Association as priority area for the Chancellor to address. While some support measures were announced at the Autumn Statement in November 2023 – including an extension to the Retail, Hospitality and Leisure Relief (RHL) for 2024/25 and a freeze to the small business multiplier for businesses in England – many larger companies are likely to see a rise in their rate bill when this starts from April, further adjustments to this are unlikely due to the cost involved in implementing any further cuts or changes.
Wider reform of business rates, which some in the sector believe are an advantage to online retailers at the expense of those with physical property portfolios is also probably not going to feature. The government is looking at the system, but any proposals will need to be given careful consideration, and review is likely to take time.
Retailers and other labour intensive industries have been raising their concerns in relation to the increases in employers NIC and minimum wage rates from April 2025, a reduction or other support in either of these areas would be welcomed by retailers, however the chancellor has already stated that this is unlikely to happen.
