Good morning from the City AM liveblog team.
As we edge close to the Budget, more and more businesses are growing agitated over how their industry might be affected.
Nowhere were these concerns more stark than in retail, where the Co-op has warned that 60,000 small shops and 150,000 jobs could be lost without business rates reform in next month’s Autumn Budget.
The Manchester-headquartered group has said Britain’s high streets “face a critical moment” and that Chancellor Rachel Reeves needs to announce “maximum” business rates relief on 26 November.
The call comes after City AM reported in September that Rachel Reeves is exploring “fixing” cliff-edge business rates, which make small businesses pay higher taxes upon opening a second property.
The Chancellor is reviewing changes to the small business rates relief, with a decision expected to be announced at the Autumn Budget.
According to new research from YouGov, seven in ten UK adults lack confidence that the government will deliver on its promise of relief for small businesses.
Here’s a summary of our top headlines from over the weekend:
Tinned tuna giant Princes confirms intention to float
Finance chiefs fear UK is falling behind as Labour growth push falls flat
William Hill to close 200 betting shops as gambling industry faces mounting tax pressure
Legal & General eyes bid for Natwest pension provider
Footfall drops in sign of pre-Budget nerves
Hiking VAT would have ‘serious negative impact’, economists warn Reeves