Source: Sharecast
The industry lobby said its most recent analysis indicated the large-format stores – including supermarkets and department stores - were at risk of closure if they were included in the new business rates on premises with a rateable value over £500,000.
Leaders of John Lewis, Lidl and B&Q met Finance Minister Rachel Reeves last week and lobbied for retail to be excluded from the surcharge.
The higher tax for larger sites, including warehouses, offices and other premises, is intended to pay for discounts for smaller business properties, such as independent retailers, cafes and pubs, after the Labour government pledged to make the business rates system fairer.
BRC analysis said the surcharge could apply to 4,000 large retail outlets. It looked at how a similar level of increased costs had affected retail businesses in the past to gauge how many sites might be forced to close.
It also warned that prices may have to go up or jobs cut as retailers protected their large profits.
“Britain’s largest shops are magnets, pulling people into high streets, shopping centres and retail parks, supporting thousands of surrounding cafes, restaurants and smaller and independent shops,” said BRC chief Helen Dickinson.
Reporting by Frank Prenesti for Sharecast.com