THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Autumn budget aims to help the high street

In his autumn budget statement, Chancellor Philip Hammond has announced plans to help re-invigorate the UK’s high streets by cutting business rates for small retail businesses by a third for two years from April 2019.

GENERAL MERCHANDISE

Autumn budget aims to help the high street

In his autumn budget statement, Chancellor Philip Hammond has announced plans to help re-invigorate the UK’s high streets by cutting business rates for small retail businesses by a third for two years from April 2019.

In addition, local high streets will benefit from £675 million to improve transport links, re-develop empty shops as homes and offices, and restore and re-use old and historic properties.

Commenting on the announcement, Helen Dickinson, chief executive of the British Retail Consortium, said the Government had missed a much-needed opportunity to help the retail industry.

She added: "If the government is to truly back business, it must engage in more extensive business rates reform to help all retailers and their employees through this period of transformation.”

The Chancellor also announced that there will be a 2% digital services tax on large online firms. From April 2020, large social media platforms, search engines and online marketplaces will pay a 2% tax on the revenues they earn which are linked to UK users.

In a comment from KPMG, Paul Martin, head of retail at the firm, said: “It is the talk of the digital services tax from April 2020 that holds the greatest potential to rewrite how the retail game is played. Online market places have often been able to rise above the problems faced by traditional legacy players or independents. Retailers will naturally be keen to have sight of greater detail on this, meanwhile consumers may question how such a tax won’t result increased pricing for them.”

In other changes affecting retail sector, Hammond said large businesses will be able to invest up to 25% of their apprenticeship levy from April to support apprentices in their supply chain. Under the plans, some employers will pay half of the 10% they currently pay for apprenticeship training with the government paying the remaining 95%.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
Payment Roundtable 2019
Payment Roundtable 2019
6 February 2019
The Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
The Retail Bulletin Payment Roundtable will raise debate and discussion centred on but not exclusive to improving the in-store payment process