Overview

• The government is consulting on a business-rates surtax for premises with a rateable value above £500,000, set out in an interim report ahead of the autumn budget.
• Officials present the measure as a way to remove cliff edges in the system while cutting bills for independent retailers, pubs and cafes.
• The BRC estimates about 4,000 large retail outlets would face the surcharge and says its analysis indicates roughly 400 could close without mitigations.
• Retailers warn up to 100,000 jobs could be at risk and argue that large stores act as anchor tenants that sustain surrounding high streets and shopping centres.
• Executives from John Lewis, Lidl and B&Q met Chancellor Rachel Reeves to seek an exemption for retail as talks continue.