The Labour Government's forthcoming business rates reforms will deepen the crisis for high street entities, as reliefs will be cut from 75% to 40% from April 2025. This shift is poised to result in steep increases in annual bills, with some establishments seeing hikes of 140% or more. Restaurants, pubs, and gyms are particularly affected, jeopardizing their sustainability. Colliers projects an alarming uptick in store closures, potentially breaching 17,000 in 2025, compounding existing challenges from wage rises and national insurance costs. The future for pubs remains bleak with significant closures already reported.
"Colliers estimates that the reduction of business rates relief will cause retailers to face average rate hikes from £3,751 to £9,003, which is unsustainable."
"The Centre for Retail Research predicts that store closures could reach 17,349 in 2025, intensified by rising business rates and other financial pressures on the sector."
Collection
[
|
...
]