Budget Announcement and Business Rate Impact
The Budget announcement and business rates impacts has given England and Wales retail some benefit through the frozen Rates multiplier [51.2p standard multiplier & 49.9p small business] plus the Transition Relief Scheme phased increases and the Retail Hospitality & Leisure [RHL] Rate Relief Scheme, all coming at a much needed time in 2023 as the sector faces real challenges. Thanks to both those who lobbied on behalf of AR and the other sectors to help convince Government that change was needed on the occupancy cost burden. We will wait to see whether similar benefits will be given for Scotland retail when the Scottish Fiscal Statement is issued on 15th December”