Dec 2, 2020

Tesco to repay £585m in business rates relief

Tesco has announced that it is repaying the £585m worth of business rates relief that it received as support during the coronavirus pandemic. It added that its business had proven "Resilient" and it had now decided to return the money in full. Business rates relief was extended to all retailers as part of a package of measures announced in March. Tesco said the money meant that it had had the immediate confidence, in the face of significant uncertainty, to invest in colleagues and support its customers and suppliers. "Every penny of the rates relief we have received has been spent on our response to the pandemic. Our latest estimate at our interim results in October was that Covid would cost Tesco [about] £725m this year - well in excess of the £585m rates relief received."

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