“The burden of business rates lies heavy on retailers’ shoulders, suffocating their ability to invest in their businesses and innovate, which is dragging down their economic performance.
“The Chancellor has retrieved the business rates ball from the long grass, but still hasn’t placed it on the fairway.
“Small retailers will be cheered by business rates relief and increased R&D tax credit, which will help them to invest for growth and compete in the market.
“However, this extension of rates relief and discounts is merely a short term sticking plaster solution. All eyes are on the wider overhaul of this archaic system, which must be changed to level the playing field, so retailers with store networks can compete more fairly with their online competitors.
“Retailers want to see all political parties commit in their manifestos to radically overhaul this unfair and antiquated system and replace it with one that’s fit for purpose.”
Zoe Sheppard, KPMG Corporate Communications
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.