Major retailers say Sunak’s one-year rate cut of 50% will only help small business and not the high street

Retailers have warned the chancellor’s decision to dodge a full review of business rates will result in an “unnecessary loss” of jobs and shops – saying the budget’s temporary 50% cut for small businesses is not enough to help the high street.

Retailers said the one-year cut, which is capped at £110,000 per business, would only benefit small retailers, bars and restaurants and pubs, because larger shops such as a single department store can pay more than £1m a year in rates.

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Source: Business – The Guardian

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