Dec 2, 2020

Tesco to repay £585m in business rates relief

Tesco will repay £585m in business rates relief received from the government during the pandemic, with the supermarket chain saying it had proved "Resilient in the most challenging of circumstances". The FTSE 100 supermarket group has used "Every penny" of the rates relief offered this year, it said. It estimated in October that the Covid-19 crisis would cost it roughly £725m in 2020, well above the level of relief received. The UK government announced earlier this year that businesses would receive almost £10bn in business rates relief as part of its economic support package during the coronavirus crisis. "The board has agreed unanimously that we should repay the rates relief we have received. We are financially strong enough to be able to return this to the public, and we are conscious of our responsibilities to society," Tesco chairman John Allan said on Wednesday.

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