High Street Stores Are Being Bashed By Business Rates
Economists say the Treasury could “rake in £166billion” from business rates over the next five years.
The Government estimates that business rates will bring in £31.8billion in 2020-2021, a figure which will rise to £34.9billion in 2023-24.
Business rates will rise on Monday, April 1st and over 47,000 struggling retailers with have cut costs and make staff redundant to find the money to pay the increase.
A large number of High Street stores in North Staffordshire and The Potteries closed last year, and every month our High Streets begin to look more and more like ghost towns.
Faced with competition from online rivals such as Amazon it is unlikely that Britain’s traditional High Street will survive.
As Seb James, the chief executive of Boots is reported to have said high street stores “are being bashed by business rates”.
Unless the government steps in to help High Street traders, experts predict that over 175,000 jobs in retail will be lost this year.