Budget Announcement - Business Rates
Date: 5 March 2021
Frasers Group Plc
("Frasers Group" or the "Company")
Budget Announcement - Business Rates
Further to the budget announcement by the Chancellor Rishi Sunak on 3 March 2021, the Frasers Group wishes to note its disappointment at the business rates relief announced. Whilst the Retail Industry as a whole has repeatedly asked for structural reform of business rates, none has been forthcoming. Frasers Group and many retailers would have expected suitable relief until structural reform is implemented.
The £2m rates cap on 'businesses' from July 2021 to March 2022, makes it a near worthless support package for large retailers.
For Frasers Group this cap will make it nearly impossible to take on ex-Debenhams sites with the inherent jobs created. It will also mean we need to review our entire portfolio to ascertain stores that are unviable due to unrealistic business rates.
Frasers Group believes that retailers should pay the fair amount of rates in line with realistic rateable values, but instead we continue to have an unwieldy, overly complex, and out of date business rates regime.
Ends.
Frasers Group Plc T. 0344 245 9200
Tom Piper, Company Secretary E. investor.relations@frasers.group
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