Rachel Reeves has been accused of funding tax cuts for Harrods and Selfridges through a raid on pubs and restaurants. Harrods’ business rates bill for its flagship Knightsbridge store is expected to fall by £1.1m between 2025-26 and 2026-27, according to figures from tax specialist firm Ryan Tax, falling to £8.7m. Selfridges is expected to pay £622,000 less for its Oxford Street shop, with its business rates bill for the landmark store falling to £8.7m for the 2026-27 year. Tax firm Ryan said this was because of a reduction in the so-called “multiplier” used to calculate business rates, which are a form of property tax. The eye-watering increases to business rates that many hospitality businesses are seeing risk further closures and job losses, and need to be urgently addressed.”

Source: The Times December 09, 2025 09:02 UTC