Blog: Scotland's retail space tax may cost jobs
Petah Marian | 12 January 2011
Sainsbury's may have emerged as the 'winner' at Christmas, but amid the retailer's satisfaction over its performance CEO Justin King warned Scotland that potential supermarket taxes would cost jobs.
King warned that the proposed tax, which will seek an additional GBP30m (US$47.3m) in business rates from large retailers, may prevent retailers from opening stores in the country.
King said that at the jobs summit held yesterday with Prime Minister David Cameron, concerns were raised that the tax, which he said would rase rates on the average outlet from GBP1m a year to GBP1.5m, would hamper growth and job creation.
While he did not go as far to say that the retailer would not cancel the 5-10% of Sainsbury's total new store openings which are planned for the country, he did say he would need to "deliver best value for our shareholders" and that it "was not clever taxation".
He also issued a warning to suppliers, saying that they would have to "work very hard" to justify price rises as commodity costs continue to rise.
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