Philip Hammond delivered his first and the final spring Budget today, where business rates, a lowering of the sugar levy, a minimum excise on tobacco and an extension of the timeframe for businesses to switch to digital tax reporting were the key issues affecting retailers. We've rounded up the initial reaction from the industry...
On business rates:
Not sold on root and branch business rates review. Sounds like into long grass to me, I would be delighted to be proved wrong #Budget2017
— James Lowman (@JMLowman) March 8, 2017
Those Businesses which fall out of small business rate relief this year will face no more than £50 a month-helpful but full overhaul needed
— Nick de Bois (@nickdebois) March 8, 2017
£300m discretionary rate relief fund welcome. We will work with DCLG to ensure that convenience stores can benefit #Budget2017 pic.twitter.com/HB5ET8OoW0
— ACS (@ACS_LocalShops) March 8, 2017
A little bit of a whitewash re reforming business rates system. 6 consultations in 3 years and next revaluation 5 years off. But needed
— Paul Mitchell (@PaulTMRetail) March 8, 2017
Good news from @PHammondMP announcing a £300m discretionary relief fund for local authorities to ease business rates #Budget2017
— NFRN (@NFRN_Online) March 8, 2017
Dissappointing that fundamental #businessrates overhaul won't be decided until NEXT revaluation #Budget
— BRC (@the_brc) March 8, 2017
On extending the Making Tax Digital timeline:
Welcome news from Chancellor, supporting #NFRN policy to delay quarterly reporting for businesses below the VAT threshold by 1yr #Budget2017
— NFRN (@NFRN_Online) March 8, 2017
@retailexpress @JMLowman Extending Making Tax Digital delay won't benefit many non-food shops either. Shops are relatively chunky businesses
— Michael Weedon (@michaelweedon) March 8, 2017
On a new minimum excise duty on tobacco:
New minimum cigarette excise duty based on £7.35 pack price #Budget2017
— Charlie Faulkner (@CharlieFaulkRN) March 8, 2017
On a reduction in the soft drinks levy:
Hammond says the sugar tax will raise less than forecast because suppliers are reducing sugar in their drinks
— Gurpreet Samrai (@GurpreetS_RN) March 8, 2017