Beales, a historic department store in Poole, Dorset, will close after 144 years due to the adverse effects of tax increases announced in the Chancellor's Autumn Budget, notably rising National Insurance contributions and the minimum wage. Chief Executive Tony Brown criticized these measures as 'punitive,' attributing the closure to the business becoming unviable under the new fiscal strategy. Beales plans a 'closing down sale' in honor of Rachel Reeves, signaling the store's frustration with the Labour government's impact on retailers. The announcement comes amid a wave of more than 203,000 business closures since Labour took office.
Beales chief executive stated, 'Ever since the punitive business taxes heaped on by the Chancellor, the two NI increases and the National Minimum wage increase and the reduction of the rates relief to 40% adding significantly to our costs, these punitive taxes have had the effect that the business has become unviable.'
Tony Brown emphasized that the changes to National Insurance and minimum wage under the Chancellor's strategy forced the closure, declaring it a 'Rachel Reeves closing down sale.'
Collection
[
|
...
]