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Sainsbury's, Asda to continue paying business rates in full

The grocers issued a statement following Rishi Sunak's Budget announcement

J Sainsbury PLC - Sainsbury's, Asda to continue paying business rates in full

J Sainsbury PLC (LON:SBRY) and Asda have announced they will continue paying business rates in full.

Chancellor Rishi Sunak announced earlier on Wednesday that the business rates holiday will remain in place until the end of June.

READ: Budget 2021 Live

It will then be discounted by up to two-thirds based on each firm’s financial performance, as part of a £6bn allocation in the new Budget.

Sainsbury's said that it expects most of its stores to remain open this year, although there will be “significant” costs related to COVID-19 safety measures.

It will forgo the holiday for both its supermarkets and the standalone Argos stores once they reopen, which was already included in profit forecasts.

“We look forward to broader conversation and consultation with government on over-arching business rates reform and a review of business taxation in the round,” the grocer commented.

“We believe fundamentally that business rates are an outdated and unfair burden on retailers with physical stores and need to be permanently reduced.”

Asda said this relief “should be used by local businesses who needed it most”.

Shares in Sainsbury’s rose 1% to 222.5p on Wednesday before close.

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