0800 644 6080
Call FREE from Landline and Mobile
Est. 1989

Chancellor Promises Help for Beleaguered High Street Retailers

Written by: Keith Tully

Published: 30th October 2018

Red caseThe chancellor of the exchequer has promised that the government will introduce a series of measures intended to provide financial relief to struggling retailers and small businesses throughout the country.

Philip Hammond used his Budget speech at Westminster to describe high street retail businesses as being “under pressure as never before” and announce £675 million of funding for local councils in support of their efforts to improve their shopping districts.

The allocated cash is intended to help urban planners to redevelop under-used retail outlets and commercial properties in ways that eventually encourage more footfall in town and city centres.

Mr Hammond went on to highlight the issue of business rates and indicate that in 2021, when rates are next scheduled to be revaluated, they will be adjusted to “reflect changes in rental values”.

In the period up to 2021, retailers in England with a rateable value of £51,000 or less will see their business rates cut by one third, according to the chancellor.

Commenting on that announcement, Mike Cherry from the Small Business Federation said: “Small businesses on our high streets that cannot get Small Business Rate Relief will be delighted with the significant discount for the next 2 years, which on average will help these businesses to the tune of almost £2,000 each, but potentially up to around £16,000 off small businesses facing the biggest bills.” 

Mr Cherry also welcomed the news that the VAT threshold is to be frozen for the next two years and suggested that “small firms up and down the country will be pleased” to see that position being taken.

Britain’s retail sector has shed thousands of jobs over the course of 2018, with a string of well-known high street operators and large-scale employers having been forced out of business.

For its part, the British Retail Consortium (BRC) has described the chancellor’s Budget announcements as a missed opportunity to provide the “much-needed” support the UK’s retail sector really needs.

“While we welcome measures to assist smaller retailers, the majority of the UK’s 3.1 million retail workers are employed in businesses that will not benefit from today’s business rates announcement,” said Helen Dickinson, BRC chief executive.

“If the government is to truly back business, it must engage in more extensive business rates reform to help all retailers and their employees through this period of transformation.”

Keith Tully

Keith Tully

Join Keith Tully on Linked In Follow Keith Tully on Twitter

Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.

Meet our Team of Experts
Director Support - Business suffering from Cash-Flow Problems?
If your company is financially distressed, we also offer the below services:
Business debt recovery

  • Recover Unpaid Invoices of £5k+
  • Expert Credit Control Services
  • Stop Late Payers & Bad Debts
Visit Site
Time to pay experts

  • Get Breathing Space with HMRC
  • Support with Business Tax Arrears
  • 35 Years HMRC Negotiation
Visit Site
UK Business Finance

  • Rejected for a CBILS Loan?
  • Get Emergency Business Funding
  • Supporting 1000+ UK Companies
Visit Site
Who we help
  • Company Directors
  • Finance Directors
  • Sole Traders
  • Accountants
  • Small Businesses
  • Large Businesses
  • Partnerships
Contact our team
Jonathan Munnery
Gillian Sayburn
Julie Palmer
or Find your Nearest Office

Here at Real Business Rescue we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY

Business Rescue Advice for Directors
Free Guide for Limited Company Directors
Business Rescue Advice for Directors
  • How to manage company cash flow problems
  • Advice on dealing with HMRC
  • Understanding rescue and closure options
  • And much more...
Free Guide Download
Dealing with your Insolvent Clients
Business Rescue Guide for Accountants
Dealing with your Insolvent Clients
  • Helping you advise insolvent clients
  • Spotting signs of client distress
  • Exploring business rescue options
  • And much more...
Free Guide Download
Our numbers speak for themselves
Number of UK Offices
Directors Helped
Licensed Insolvency Practitioners