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Further taxes on warehouses ruled out ahead of budget after M&S and John Lewis issue warnings
Retail leaders warned the move would raise costs for high streets, while the IPPR proposed a 2% online sales tax to support shops.
- Chancellor John Healey has ruled out introducing further taxes on large online warehouses in the upcoming budget on 28 October, ending widespread speculation about potential new levies.
- The IPPR think tank recently proposed a 2% tax on online sales to support physical retailers, as warehouses currently pay 33% higher business rates than high street properties.
- Criticizing the previous two budgets under ex-chancellor Rachel Reeves as a "disaster," Stuart Machin urged Healey to reverse National Insurance threshold cuts damaging retailers.
- Warning that taxing large retailers reflects "a fundamental misunderstanding of how modern high streets work," John Lewis chairman Tarry argued anchor tenants like John Lewis and Waitrose sustain smaller businesses.
- Facing pressure to hike defense spending amid inflation and Iran war fallout, Healey aims to provide "breathing space" as promised by Prime Minister Andy Burnham on his first day.
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Sky News UK+2 Reposted by 2 other sources
Further taxes on warehouses ruled out ahead of budget after M&S and John Lewis issue warnings
The warnings come ahead of John Healey's first budget as chancellor on 28 October, with the government facing a challenging economic backdrop.
·United Kingdom
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Coverage Details
Total News Sources4
Leaning Left0Leaning Right1Center2Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
C 67%
R 33%
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