New business rates to cost retailers £2.3 billion

21 November 2016 - 10:54am

Retailers across Britain face a £2.3 billion tax hike next April as many voice fears of price rises. The tax increases are set to rise by an average of £465 million per year for the next five years according to new research.

As import prices are on the rise following Brexit, and the rising Living Wage begins to come into effect, retailers have warned of potentially disastrous consequences of the business rates hike, ahead of Philip Hammond’s autumn statement this week.

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