Little comfort for UK retailers in today's Budget
20 Mar 2013 | 02:27 pm |
Tom Johnson, a Partner at Pinsent Masons, says: The cut in the headline rate of corporation tax aside, UK retailers will find little comfort in today’s Budget Statement. The strident lobbying from the property and retail industries in recent months has been ignored by George Osborne, with business rates still set to rise by 2.6% in April 2013 and no change to the deferment to 2017 of the revaluation of rates – adding insult to injury to an already beleaguered sector crying out for a freeze this year and a readjustment in rateable values to reflect the current economic climate (and not the top of the market rental values of 2008).
It was only last Wednesday that Vince Cable was suggesting that it was about time for a shake up of this country’s “old fashioned” business rates regime to help struggling retailers, although he did warn it wouldn’t happen overnight and wouldn’t be changed in the Budget, which has proved to be the case. As a major contributor to UK GDP, isn’t it about time HMG cuts the retail sector some slack on this issue?
Key Contacts
Latest press releases
Show me all press releasesPinsent Masons advises Q ENERGY on the design and drafting of a refurbishment contract for a pioneering and innovative wind farm project based on second-hand turbines in France
Pinsent Masons has advised Q ENERGY on the design and drafting of a refurbishment contract for an innovative wind project in France, relying exclusively on second-hand wind turbines. The project, scheduled for commissioning in 2028, represents a significant step forward in the integration of circular‑economy principles within the renewable energy sector.
Pinsent Masons expands global arbitration offering with strategic partner hire in London
Multinational law firm Pinsent Masons has strengthened its international arbitration practice with the appointment of Cem Kalelioglu as a partner in London, reinforcing the firm's growing presence in high-value investor-state and commercial disputes.
Pinsent Masons advises on Victorian government-owned wind farm project
Multinational law firm Pinsent Masons has advised global wind turbine manufacturer Vestas on its role in the Delburn Wind Farm in the Australian state of Victoria.
People who viewed this press release also viewed
Show me all press releasesPinsent Masons advises Q ENERGY on the design and drafting of a refurbishment contract for a pioneering and innovative wind farm project based on second-hand turbines in France
Pinsent Masons has advised Q ENERGY on the design and drafting of a refurbishment contract for an innovative wind project in France, relying exclusively on second-hand wind turbines. The project, scheduled for commissioning in 2028, represents a significant step forward in the integration of circular‑economy principles within the renewable energy sector.
Pinsent Masons expands global arbitration offering with strategic partner hire in London
Multinational law firm Pinsent Masons has strengthened its international arbitration practice with the appointment of Cem Kalelioglu as a partner in London, reinforcing the firm's growing presence in high-value investor-state and commercial disputes.
Pinsent Masons advises on Victorian government-owned wind farm project
Multinational law firm Pinsent Masons has advised global wind turbine manufacturer Vestas on its role in the Delburn Wind Farm in the Australian state of Victoria.
For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on
Location contacts
Europe: [email protected]
Asia: [email protected]
Middle East: [email protected]
Australia: [email protected]