Business Rates
Business rates are a major operational cost for UK jewellers, impacting independent retailers, chains, and workshop owners alike. With ongoing debates around reform and relief schemes, staying informed on changes to business rates policy is crucial for managing overheads and protecting margins in a challenging retail environment.
Jewellery Focus covers the latest news and analysis on business rates, including government updates, industry reactions, and insights into how changes affect jewellery retailers, manufacturers, and suppliers. Our reporting supports trade professionals in navigating this complex area to safeguard their businesses.
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Feb- 2022 -18 FebruaryRetailers
Retail sales up 1.9% in January 2022
Retail sales volumes rose by 1.9% in January 2022 following a fall of 4.0% in December 2021, according to the latest figures from the Office for National Statistics. It also revealed sales volumes were 3.6% above their pre-coronavirus (Covid-19) February 2020 levels. Non-food stores sales rose by 3.4% as home…
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Oct- 2021 -27 OctoberEconomy
Chancellor unveils 50% rates discount for Retail, Hospitality and Leisure
Chancellor Rishi Sunak has unveiled a 50% discount on business rates for the hospitality, retail and leisure sectors (up to £110,000), equating to a business tax cut worth £1.7bn, the biggest single-year rates cut for firms in over 30 years. Unveiling his latest Budget in the Commons today (27 October),…
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Sep- 2021 -21 SeptemberTrade Organisations
Four in five shops to shut without business rates reform, says BRC
Some 83% of retailers would reportedly be forced to close shops without the introduction of a business rates reform as a part of the Government’s upcoming review. According to research conducted by the British Retail Consortium (BRC), 85% of those retailers surveyed recognised business rates as either an “extremely” or…
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Feb- 2021 -17 FebruaryEconomy
Scotland extends rates holiday for another year
The Scottish government has confirmed that it is extending 100% of its business rates relief for the hospitality, retail, leisure and aviation sectors for another year. Finance secretary Kate Forbes confirmed the extension earlier this week (16 February) in Holyrood, putting pressure on Rishi Sunak to match the extension in…
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1 FebruaryEconomy
BRC chief calls for rates extension as vacancies rise by 13%
Helen Dickinson, chief executive of the British Retail Consortium (BRC) has urged the government to extend business rates relief beyond April as the number of retail stores lying vacant rose to 13.7% in Q4 2020. The plea follows figures published by the consortium which show that all retail locations saw…
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Jan- 2021 -19 JanuaryCurrent Affairs
Sunak looks to raise corporation tax in March budget
Chancellor Rishi Sunak is reportedly looking to raise corporation tax in the upcoming March budget to pay off the estimated £400bn borrowed by the UK throughout the pandemic. According to The Financial Times, the alleged move has sparked uproar among business owners who claim they are still struggling with the economic impact of Covid-19. However, it…
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5 JanuaryCoronavirus
Chancellor unveils £4.6bn in new lockdown grants
Businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000, the chancellor has announced. The news comes after the prime minister’s announcement that businesses will be closed until at least February half-term in order to help control the spread of Covid-19. This…
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Sep- 2020 -18 SeptemberCoronavirus
Mayor of London urges government to extend business rates holiday
The mayor of London, Sadiq Khan, and London Councils have joined together to urge the Government to extend the business rates holiday and help protect thousands of jobs in London and across the country. Businesses in the retail, hospitality, leisure and childcare sectors are currently benefiting from 100% relief…
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Aug- 2020 -26 AugustRetailers
Retail jobs in sharpest fall since 2009
Retail employment fell at the fastest rate since February 2009 in the year to August, with an even sharper decline anticipated in the year to September, according to the CBI’s latest monthly Distributive Trades Survey. The survey – which featured 63 retailers among its 128 respondents – also showed a…
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7 AugustRetailers
Usdaw warns business rates increase could risk more jobs
Retail trade union Usdaw has expressed “major concerns” over reports that the government is considering increasing business rates for premises with a rateable value over £51,000. The news comes as reports suggest Rishi Sunak is considering increasing business rates in an effort to boost the UK economy. Instead, Usdaw is…
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