{"id":164298,"date":"2021-03-03T19:16:29","date_gmt":"2021-03-03T19:16:29","guid":{"rendered":"https:\/\/www.theindustry.fashion\/budget-2021-retail-property-and-fashion-industry-figures-respond\/"},"modified":"2021-08-06T12:10:30","modified_gmt":"2021-08-06T12:10:30","slug":"budget-2021-retail-property-and-fashion-industry-figures-respond","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/budget-2021-retail-property-and-fashion-industry-figures-respond\/","title":{"rendered":"Budget 2021: Retail, property and fashion industry figures respond"},"content":{"rendered":"
Chancellor Rishi Sunak laid out his hotly anticipated Budget today outlining how he plans to get the economy back on its feet<\/strong> following the trauma of the Covid-19 crisis.<\/p>\n
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The retail industry had been hoping for an extension to the business rates holiday,<\/strong> which was due to end in April and this was duly extended to the end of June with a two-thirds discount for the remainder of the year. A more thorough review of business rates in planned in the autumn when, it is hoped, the unfair burden on retailers will, finally, be relieved.<\/p>\n
Also to be welcomed are the extension of the furlough scheme and the restart grants<\/strong> will enable non-essential retailers to access up to \u00a36,000 to help kickstart business after prolonged lockdowns, while an increase in contactless payments to \u00a3100 might encourage higher spending in stores, when they are due to re-open on 12 April.<\/p>\n
An increase in corporation tax may not be so welcomed but ASOS CEO Nick Beighton, for instance, says his group is ready to pay more to support economic recovery<\/strong> and welcomed the Chancellor's additional measures for industry. \"We welcome new and continuing support for businesses to help fuel the country\u2019s economic recovery and believe it\u2019s only right that successful, profitable businesses make an additional contribution without stifling growth, investment and innovation. As a UK-based and tax domiciled business, ASOS will meet in full our contribution to the future increase in Corporation Tax, as well as investing \u00a390m and creating 2,000 new jobs at our state-of-the-art\u00a0<\/span>fulfilment centre in the Midlands.\u201d<\/p>\n