More than 100 big stores including Sainsbury's & Tesco at risk of closure over Labour's planned business rate increases
Sainsbury's, Tesco and Morrisons may have to shut large stores, as the Government plots to raise rates for businesses with properties that are worth more than £500,000.
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Around 50 of Sainsbury's 600 supermarkets will become unprofitable as a result of the higher property charges, according to the Financial Times.
The changes would put several Tesco stores at risk, as well as 30 of Morrisons' 500 sites.
Sources also revealed that 90 per cent of around 600 Asda stores would be hurt by the introduction of the increases.
The new rates will not impact Aldi and Lidl, however, as they operate smaller premises.
The Government is bringing in the rate increases to provide extra funding to smaller retailers and hospitality businesses.
Tim Martin, boss of pub chain Wetherspoons, blasted the tax raid last month and warned it could lead to fewer boozers on high streets.
The planned tax raid comes after Chancellor Rachel Reeves had already hit businesses with an increase in employer National Insurance contributions and the national minimum wage in April.
LIDL PAY RISES
LIDL is raising its store staff's wages to £13 an hour — joining rival Aldi as the UK's highest-paying supermarket.
The basic rate, currently £12.75, will jump nationwide from September 1, rising to £13.95 with length of service.
It marks Lidl's fifth pay rise in two years. The budget retailer increased hourly pay for 28,000 staff on April 1.
The current national minimum wage of £12.21 could hit £12.86 next year.
BOO BOSS CALL
BOOHOO has been urged to suspend its chairman and founder for reportedly taking a cut of payments to settle a personal debt.
The online fashion firm 's Mahmud Kamani took a £100,000 cut from cash meant for a jeans supplier, The Telegraph has alleged.
Mike Ashley's Frasers Group, which has a 29 per cent stake in Boohoo, wants an independent investigation.
It comes amid increased friction in recent years between Mr Ashley and retail rival Mr Kamani.
Mc-GONE-ALD'S BURGERS
McDONALD'S has riled customers by quietly axing several fan-favourite items.
The bacon double cheeseburger, bacon mayo chicken and triple cheeseburger were all taken off the menu in May.
One miffed punter called the £2.89 bacon double the 'best item on the menu'.
McDonald's said: 'We're always evolving our menu to keep things fresh.'
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