UK’s Reeves Commits to Lower Property Taxes for Retail, Hospitality and Leisure

October 30, 2024

LONDON (Reuters) -British finance minister Rachel Reeves on Wednesday committed to lower business rates for high street stores to help "level the playing field" with their online rivals. Predominantly bricks-and-mortar retailers have for years complained that business rates - a property tax charged on most commercial properties to fund local services - are archaic and hand an unfair cost advantage to online retailers such as Amazon. Labour had pledged in its election manifesto to redress the balance to help revive town centres. Delivering her first budget plan, Reeves said that from 2026-27 permanently lower tax rates for retail, hos...