Ikea joins calls for shake-up of business rates in Britain
Ikea joins calls for shake-up of business rates in Britain
Share:
Ikea has joined the chorus of retailers demanding business rates reform to prevent job losses and shops shutting. Peter Jelkeby, UK chief executive of the furniture chain, warned that Labour's proposals 'do not go far enough', especially after the sector was hit with higher employment costs in the Budget.
His move comes after more than 80 big names, including Currys and Asda, wrote to Chancellor Rachel Reeves urging her to reconsider her plans for the punitive property levy. A report this week by the Centre for Retail Research suggests that Labour's business policies could be deadlier than the pandemic for the High Street.
It predicts as many as 202,000 jobs could be lost due to higher business rates and employment costs, compared with 200,164 in 2020. The issue has been highlighted by the Mail's Save Our High Streets campaign. More help: Ikea says business rates reform is needed in Britain to stop job losses.
Ikea, which employs more than 10,000 staff in the UK, urged the Chancellor to take firm action on business rates. Jelkeby said: 'It is a welcome step that this Government is considering changes to the business rates regime. But the proposals do not go far enough in addressing their disproportionate impact on retail, particularly in light of the cumulative burden on retailers after the Budget.
