Marks & Spencer warns of store closures as Chancellor eyes property tax increases
The department store chain is said to be leading a wider group of retailers, including Tesco, Primark and Asda, in opposing Reeves' plan to increase property tax in her next Autumn Budget.
In evidence submitted to the Communities and Local Government secretary and seen by the Telegraph, Marks & Spencer said that if higher bills were to be imposed, 111 of its stores could be impacted and ultimately forced to close.
In a statement, the retailer commented: 'Given larger retailers are often anchor tenants on the high street, taxing them to support smaller stores is a false economy – if larger shops close, smaller shops suffer.
'The proposed reforms could therefore accelerate the decline of the high street by encouraging retailers to close larger high street stores.'
As it stands, the UK government's business rates reform, which is due to come into effect in April 2026, targets larger stores valued over 500,000 pounds, while smaller properties would have their rates reduced.
Sources for the Telegraph said that while the Treasury had not yet decided on the new rates, any surcharge on large properties would be set at the maximum.
A Treasury spokesman told the media outlet: 'We are a pro-business government that is creating a fairer business rates system to protect the high street, support investment, and level the playing field.
'To deliver our manifesto pledge and provide certainty and support to the high street we intend to introduce permanently lower tax rates for retail, hospitality, and leisure properties from next year.
'Unlike the current relief for these properties, there will be no cash cap on the new lower tax rates, supporting some of Britain's most loved high street chains to continue to create jobs and grow the economy.'
FashionUnited has contacted Marks & Spencer with a request for more information.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
21 minutes ago
- Daily Mail
BREAKING NEWS More than one million migrants are claiming Universal Credit in Britain, latest figures show
More than a million migrants are now claiming Universal Credit - the majority unemployed. New official statistics show the number of foreign nationals receiving the benefit has risen from 883,470 in 2022 to 1.26million last month. The majority of migrants being paid Universal Credit are not in work, a situation campaigners have called 'unsustainable'. Today was the first time the immigration status of people claiming Universal Credit has been published following pressure from opposition MPs. Around four in five (83.6%) of those on the benefit as of last month were British, Irish, or those who live or work in the UK without any immigration restrictions. The next largest group on Universal Credit were people with EU Settlement Scheme settled status who have a right to reside in the UK, accounting for 9.7% (770,379), while 2.7% (211,090) of the total had indefinite leave to remain in the UK. Refugees accounted for 1.5% (118,749) of people receiving the benefit, while 0.7% (54,156) were people who had come by safe and legal humanitarian routes including under the Ukraine and Afghan resettlement schemes. A total of 75,267 people - making up one percent of the total on Universal Credit - had limited leave to remain in the UK, covering those with temporary immigration status. Shadow Home Secretary Chris Philp said: 'These are staggering figures and are clear proof that the Labour government has lost control of our welfare system.' 'Under Kemi Badenoch, we've set out a clear, common-sense position. Universal Credit should be reserved for UK citizens only. This is about fairness, responsibility and protecting support for those who've contributed to this country.' 'We're calling on Keir Starmer to stop the drift and take action. British taxpayers should not be working hard to subsidise immigrants many of whom have only recently arrived. 'Taxpayers deserve a system that prioritises them, not one that continues to fund an unsustainable open-door policy.' Tory MP Neil O'Brien argued the figures were proof the welfare system was failing. He said: 'There are 757,000 people claiming and not working. And Universal Credit is only half of working age welfare spending. 'This is not a sensible immigration policy.' Universal Credit is a payment to help with living costs and is available for people on low incomes or those who are out of work or cannot work. The Department for Work and Pensions (DWP) said it had published the statistics 'following a public commitment to investigate and develop breakdowns of the UC caseload by the immigration status of foreign nationals in receipt of UC'. John O'Connell, chief executive of the TaxPayers' Alliance, said: 'The latest universal credit statistics should send a shiver down the spine of government ministers. 'Britain is sleepwalking into a culture of worklessness, with millions of Brits effectively dumped onto the welfare pile, all the while the system appears as a treasure chest for foreign nationals.' People can only access Universal Credit if they have an immigration status that provides recourse to public funds. Those with no recourse to public funds (NRPF) cannot claim most benefits, tax credits or housing assistance that are paid by the state. The total number of people on Universal Credit has risen from 6.8 million in June 2024 to 7.9 million a year later. Rob Bates from the Centre for Migration Control said: 'Over one million migrants are claiming benefits in Britain. 'An unsustainable situation which lays bare the very real consequences that mass migration has inflicted on the British public. 'Indefinite Leave to Remain must be scrapped if we are to have any hope of turning the tide.' Independent MP Rupert Lowe, an ex-member of Reform UK, claimed the immigration system was 'broken' and failing to 'serve the British taxpayer'.
Western Telegraph
22 minutes ago
- Western Telegraph
Data shows immigration status of universal credit claimants for first time
Around four in five (83.6%) of those on the benefit as of last month were British and Irish nationals and those who live or work in the UK without any immigration restrictions. This amounted to 6.6 million of the total 7.9 million people on universal credit (UC) in June. The Department for Work and Pensions (DWP) said it had published the statistics 'following a public commitment to investigate and develop breakdowns of the UC caseload by the immigration status of foreign nationals in receipt of UC'. UC is a payment to help with living costs and is available for people on low incomes or those who are out of work or cannot work. The next largest group on UC were people with EU Settlement Scheme settled status who have a right to reside in the UK, accounting for 9.7% (770,379), while 2.7% (211,090) of the total had indefinite leave to remain in the UK. Refugees accounted for 1.5% (118,749) of people on UC, while 0.7% (54,156) were people who had come by safe and legal humanitarian routes including under the Ukraine and Afghan resettlement schemes. A total of 75,267 people – making up 1% of the total on UC – had limited leave to remain in the UK, covering those with temporary immigration status. The rest – some 65,346 people – were either no longer receiving UC payments or had no immigration status recorded on digital systems, the DWP said. Independent MP Rupert Lowe, an ex-member of Reform UK, welcomed the pledge to publish the data, describing it as a 'huge win' for those who had 'relentlessly pushed for this'. Conservative MP Gregory Stafford had also asked, in a written question in December, if the Work and Pensions Secretary 'will publish data on welfare claimants by (a) nationality and (b) immigration status'. People can only access UC if they have an immigration status that provides recourse to public funds. Those with no recourse to public funds (NRPF) cannot claim most benefits, tax credits or housing assistance that are paid by the state. The total number of people on UC has risen from 6.8 million in June 2024 to 7.9 million a year later.
South Wales Guardian
23 minutes ago
- South Wales Guardian
Data shows immigration status of universal credit claimants for first time
Around four in five (83.6%) of those on the benefit as of last month were British and Irish nationals and those who live or work in the UK without any immigration restrictions. This amounted to 6.6 million of the total 7.9 million people on universal credit (UC) in June. The Department for Work and Pensions (DWP) said it had published the statistics 'following a public commitment to investigate and develop breakdowns of the UC caseload by the immigration status of foreign nationals in receipt of UC'. UC is a payment to help with living costs and is available for people on low incomes or those who are out of work or cannot work. The next largest group on UC were people with EU Settlement Scheme settled status who have a right to reside in the UK, accounting for 9.7% (770,379), while 2.7% (211,090) of the total had indefinite leave to remain in the UK. Refugees accounted for 1.5% (118,749) of people on UC, while 0.7% (54,156) were people who had come by safe and legal humanitarian routes including under the Ukraine and Afghan resettlement schemes. A total of 75,267 people – making up 1% of the total on UC – had limited leave to remain in the UK, covering those with temporary immigration status. The rest – some 65,346 people – were either no longer receiving UC payments or had no immigration status recorded on digital systems, the DWP said. Independent MP Rupert Lowe, an ex-member of Reform UK, welcomed the pledge to publish the data, describing it as a 'huge win' for those who had 'relentlessly pushed for this'. Conservative MP Gregory Stafford had also asked, in a written question in December, if the Work and Pensions Secretary 'will publish data on welfare claimants by (a) nationality and (b) immigration status'. People can only access UC if they have an immigration status that provides recourse to public funds. Those with no recourse to public funds (NRPF) cannot claim most benefits, tax credits or housing assistance that are paid by the state. The total number of people on UC has risen from 6.8 million in June 2024 to 7.9 million a year later.
