🔔 Attention Primark Fans! 🔔
Hold onto your shopping bags, there’s news from the big boss at Primark’s parent company, Associated British Foods! George Weston has sounded the alarm about proposed changes to business rates that could spell trouble for our fave high street stores. 🚨
Why the worry? The Labour Government is contemplating some tax tweaks to fill a massive £40 billion hole in state finances. With previous promises to keep taxes steady for individuals, businesses may be in the crosshairs for new levies. Ouch! 😬
Primark, along with other retail giants, is feeling the pinch from recent hikes in national insurance, minimum wage, and packaging taxes. Weston argues these weigh heavy on businesses already working hard to invest and create jobs. He insists,”No more taxes, please!” 🙏
The kicker? High street stars have already seen business rates discounts slashed this year. And next year, smaller shops might catch a break, but it’s the larger stores—anchor points of our high streets—that’ll bear the brunt. 📉
Weston and industry experts warn that big format stores face a steeper burden with the Government’s new surtax targeting properties valued over £500k. Reports suggest this could cost major retailers almost £46 million extra in rates annually. That’s a hefty price tag! 💸
Retail watchers worry this stealth tax could seriously hamper big retailers’ ability to invest, expand, and bolster local economies, all while contradicting efforts to rejuvenate our beloved high streets. 🏙️
Let’s hope for a rethink! 🤞
How do you feel about these potential changes hitting our beloved stores? Share your thoughts in the comments! 👇
#Primark #HighStreetHeroes #TaxTalk #ShopSmart 🛍️