ASDA, Aldi, Sainsbury's and Morrisons are set to hand back a collective £1.15billion saved from the government's business rates holiday.it saved thanks to the support to help struggling retailers through the pandemic.
He added that the supermarket didn't need the savings due to remaining open and trading strongly throughout theMorrisons was then first to follow its rival's move, with chief executive David Potts saying the supermarket was "grateful for the government's swift action at the start of the pandemic". "With regional restrictions likely to remain in place for some time, we believe it is now fair and right to forgo the business rates relief that we have been given on all Sainsbury’s stores."
Asda president and chief executive officer Roger Burnley added that the news of a vaccine has left the supermarket confident about 2021. New data from real estate adviser Altus Group shows "essential" retailers enjoyed savings of £3.03billion thanks to the business rates relief. This was set to represent more than a sixth of the total £10.1billion rates bill which has been written off for all businesses during the year.
Respect
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