2 Nov 2018
PCR Article - Tech industry reactions to the 2018 Budget
On Monday, Philip Hammond has delivered his third Budget as chancellor. Within the speech a number of things were announced that would affect tech companies and retailers in the UK.
Here’s what the tech and retail channels had to say about the announcements:
Business rates bill
Hammond announced the business rates bill for firms with a rateable value of £51,000 or less will be cut by a third over two years.
Dan Todaro, MD of Gekko: “The introduction of a review for all retailers in England with a rateable value of £51,000 or less, Intended to cut their business rates bill by one third is a positive step realising an annual saving of up to £8,000 for up to 90% of all independent shops, pubs, restaurants and cafes.
“In some locations this is perhaps too late when you consider the vacant properties on the diminishing high street. It also does not help those retailers, multiple or independent, with a larger footprint. For stores which anchor the high street such as Debenhams, HoF, M&S etc. the reduction in business rates for these retailers by local authorities, delivers a longer term tangible wealth to the community.
“This government constantly refers to a ‘dividend’ for all, which is used entirely in the wrong context, as there’s no dividend for communities who's high street have already been decimated and resemble ghost towns.”
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