Harrods sees £15m drop in business rates assessment as retail undergoes dramatic revaluation November 21, 2022 More than half a million retail properties across England and Wales have now been revalued with new rateable values, which will be used to calculate business rates liabilities from 1 April 20023 to 31 March 2026, having been published showing a fall of 10 per ccent overall for the sector. The Valuation Office Agency, an [...]
Restaurants go to the wall at faster pace than during the pandemic November 21, 2022 Restaurant insolvencies have rocketed over the past year, occurring at a faster rate than amid the Covid-19 pandemic. The number of restaurants going to the wall has increased 59 per cent over the past year, amid dire warnings from industry voices about the months to come. Insolvencies jumped to 1,567 in the year to 30 [...]
Wilko reviewing management of financing ahead of vital Christmas season November 20, 2022 Discounter Wilko has said it has a strong relationship with lenders, amid newspaper reports that it is urgently attempting to secure a £30m cash injection. The high street chain was reported to be in emergency talks with alternative lenders over rescue cash, off the back of a dramatic leap in interest rates, according to The [...]
Qatar World Cup: In dramatic U-turn alcohol banned in stadiums, Budweiser outraged November 18, 2022 Qatar World Cup officials have launched a stunning and abrupt U-turn, banning alcohol in its stadiums. The tiny Gulf kingdom is set to outlaw the consumption of beer in grounds, owing to its strict Muslim laws which prohibit alcohol. It had been promised before the tournament there would be areas where fans could drink, with [...]
UK retail sales rebound following growth in all areas except food shops November 18, 2022 UK retail sales rebounded slightly last month on the back of growth in all areas except food shops, according to new figures out this a.m. The Office for National Statistics (ONS) said retail sales volumes increased by 0.6 per cent in October, following a 1.5 per cent drop in September, which had been impacted by [...]
Posties to walk out over Christmas season in new Royal Mail strike dates November 17, 2022 Posties are set to strike on six days next month, including on Christmas Eve, in a fresh wave of industrial action. Workers at the Royal Mail will take action on six days between 9 and 24 December, in addition to the four days of strikes already called. The Communication Workers Union announced the new dates [...]
Fuller’s boosted by commuters returning to London as gov offers ‘close to zero support’ for pubs November 17, 2022 The government has not issued any “meaningful support” for the pub sector, the boss of Fuller, Smith & Turner, told CityA.M., following the autumn budget. Although the country now had a “very strong” Prime Minister and “very solid” Chancellor in place, the pub sector had been offered “close to zero support” amid a worsening economic [...]
Chancellor ‘misses a trick’ by not re-introducing tax-free shopping for overseas tourists November 17, 2022 West End business leaders have slammed the Chancellor for not changing his mind on an introduction of VAT free shopping for overseas tourists. Despite calls from luxury retailers this month, Jeremy Hunt made no mention of the prospect of introducing tax-free shopping for overseas visitors making trips to London’s shopping heartlands. Last month, Hunt announced [...]
Online sales tax gets canned for its ‘complexity’ November 17, 2022 Jeremy Hunt has scrapped the online sales tax, moving away from plans to better support the high street. Following a consultation, the Chancellor decided to dump the tax, reflecting the concerns about the complexity of the move, as well as “creating unintended distortion or unfair outcomes between different business models”. The levy was designed to [...]
Hospitality leaders warn of ‘severe contraction’ as Budget does little to alleviate closure concerns November 17, 2022 High street industry leaders have issued bleak warnings for this winter following the Chancellor’s Budget, forecasting a wave of closures and stark price hikes for punters. The OBR predicted that real household disposable income per person would plunge more than seven per cent over next two years, marking the biggest drop on record. While businesses [...]
