Mar 5, 2021

Budget 2021: Frasers Group says business rates package 'near worthless'

Mike Ashley's Frasers Group has said the cap on business rates relief announced in the Budget could stop it taking over ex-Debenhams stores and force a review of its own estate. The rates holiday for non-essential retailers has been extended to June. Rates will then be discounted by two-thirds for nine months, up to a maximum of £2m if businesses are closed. The group said on Friday that the business rates relief package would "Also mean we need to review our entire portfolio to ascertain stores that are unviable due to unrealistic business rates". The retail group also suggested on Friday that many shops would have expected further rates relief "Until structural reform is implemented", adding that firms "Should pay the fair amount of rates in line with realistic rateable values, but instead we continue to have an unwieldy, overly complex, and out of date business rates regime".

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