UK's largest retailers warn Budget will lead to job cuts

Quick Summary:

Retail firms have written to the chancellor to say they cannot manage rising costs and tax bills.

Nick Stowe, the chief executive of High Street fashion stores Monsoon and Accessorize, told the BBC he was going to have to "divert investment" from opening more shops to protecting its current shops.

It urges the government to reduce business rates, a property-related tax which the BRC says will cost retailers an additional £140m a year after next April, though there is a 40% relief available for 250,000 premises.

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Article Details

Category: Business

Markets: United Kingdom

Topics: Costs Higher Cost Jobs Retailers Budget Businesses Government Letter Rise

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-19 @ 16:50:28 (3 days ago)

News Timezone: GMT +0:00

News Source URL: bbc.com

Language: English

Article Length: 1045 words

Reading Time: 6 minutes read

Sentences: 38 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BBC Business

News ID: 23765670

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About BBC Business

Main Topics: Business

Official Website: bbc.co.uk

Update Frequency: 4 posts per day

Year Established: 1922

Headquarters: United Kingdom

News Last Updated: 13 hours ago

Coverage Areas: United Kingdom

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Publisher ID: #43

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