'Broken' business rates system unfair on struggling high street, say MPs

  • 📰 SkyNews
  • ⏱ Reading Time:
  • 55 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 67%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

'Broken' business rates system unfair on struggling high street - MPs

MPs have urged the government to seek alternatives to the"broken" business rates system which they say is placing an unfair burden on struggling high street retailers.

A report from the Treasury select committee echoed industry concerns that the way the system is set up places greater costs on physical stores - as well as manufacturers - than online outlets. It said that since being set up in 1990, revenues generated by the tax had outpaced inflation and reached £31bn in the last financial year but that it was now in urgent need of reform.

The report said:"Throughout this inquiry, the committee has been told that business rates do not fall upon all business equally, for example, they place a far greater cost on physical businesses, such as those on the high street, than those that rely more upon an online presence." Alison McGovern MP, the committee's lead member for the inquiry, said a series of tax reliefs designed to ease the burden were no more than"sticking plasters" and called for changes to be announced in the Chancellor's 2020 spring statement."The tax represents an increasing burden on businesses, particularly those with a physical high street presence struggling to remain competitive.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 35. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

UK's business rates system 'broken' says Treasury committeeMPs tell government to urgently review tax it claims is high and unfair on physical stores No kidding. This is more nonsense. It is as bad as Swinson manipulating the figures in projected outcomes, to mean something they don't.
Source: The Guardian - 🏆 84. / 53 Read more »