Bira Calls For Permanent Reduction of Business Rates

14/10/2021

Permanent reduction of business rates must be Chancellor’s priority, says Bira

The permanent reduction of business rates must be a top priority for the Chancellor when he makes his Autumn Statement later this month, according to The British Independent Retailers Association (Bira).

Chancellor of the Exchequer Rishi Sunak is expected to deliver his Autumn Statement on Wednesday 27 October 2021, setting out the state of the nation’s finances.

Bira’s number one request is that the Chancellor permanently cuts business rates to help support independent retailers still struggling to recover from the pandemic.

Commenting is Andrew Goodacre, Bira’s CEO. “This could be done by re-introducing the retail discount and using that to reduce rates by 75% for all retail premises with a rateable value below £100,000. Anything less than this will put many businesses in trouble next year.”

The reduction of business rates is Bira’s number one request. However, it is also putting forward the following measures for consideration:

A continuation of tax incentives to encourage more investment in the sector.
Renewed commitment of funds set up in March to help businesses with their digital growth and management skills. Bira would also like to see the eligibility criteria for these funds reduced; too many smaller retailers have not been able to access the funds.
A review of the current apprenticeship scheme to make it fit for purpose in the retail sector. Bira recognises the need to improve skills and a well-designed apprenticeship scheme can help.
National Insurance contribution allowances increased for indie retailers to lessen the burden on employers. This is in preparation for the expected rise to the National Minimum Wage next April.
More investment in the infrastructure of towns and high streets; improving footfall and accessibility while still making strides towards net zero goals.

Goodacre adds; “Now more than ever, independent retailers need support. We hope that the Chancellor is listening and will respond accordingly.”

Bira is encouraging its members and the wider independent retail sector to write to their MP on the matter of business rates ahead of the Autumn Statement. Further information is available here. Alternatively, click here to visit Bira’s website.