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 hires new partner Belen Lavandera to strengthen its Spanish employment practice
Pinsent Masons has continued the growth of its Spanish practice with the hire of new employment partner Belén Lavandera from Linklaters.
Pinsent Masons enters joint venture with China Commercial Law Firm
Multinational law firm Pinsent Masons has followed up the opening of a new office in Shenzhen with government approval to enter a joint venture in the Qianhai Free Trade Zone with leading Chinese corporate law firm China Commercial Law Firm (CCL).
Pinsent Masons MPillay advises Asian Development Bank on funding of submarine cable connecting Vanuatu and New Caledonia
Pinsent Masons MPillay has advised the Asian Development Bank (ADB) on the financing for the design, construction and installation of a 411-kilometre submarine cable connecting the Pacific nations of Vanuatu and New Caledonia.
People who viewed this press release also viewed
Show me all press releasesPinsent Masons hires new partner Belen Lavandera to strengthen its Spanish employment practice
Pinsent Masons has continued the growth of its Spanish practice with the hire of new employment partner Belén Lavandera from Linklaters.
Pinsent Masons enters joint venture with China Commercial Law Firm
Multinational law firm Pinsent Masons has followed up the opening of a new office in Shenzhen with government approval to enter a joint venture in the Qianhai Free Trade Zone with leading Chinese corporate law firm China Commercial Law Firm (CCL).
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]