Beales is to close their last 144-year-old department store and has brutally slapped back at Rachel from accounts.
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The last remaining department store is in Poole, Dorset and as a result of the Chancellor’s tax hikes the retailer simply can no longer afford to remain open following the Autumn Budget in 2024.
Chief executive Tony Brown confirmed the last remaining historic branch will close at the end of May said it will be a “Rachel Reeves closing down sale.”
Beales Facebook said, “Thanks for the help, Chancellor” and the chief of the department store said there will be posters of Reeves printed out which will be a “poke in the ribs” for Labour on behalf of all retailers.
The Chancellor announced in her Autumn Budget last October employers National Insurance will increase from 13.8% to 15% and the threshold for paying the NIC was lowered from £9,100 to £5,000.
Reeves also announced a 6.7% increase in the National Minimum Wage which is costing businesses tens of millions of pounds.
Since Labour took office more than 203,000 businesses have closed down.
Beales chief executive said that the Chancellor’s tax changes is “unviable” and her “fiscal strategy” is leading to many more firms to close.
He said, “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.
“This, coupled with the risks and uncertainty of further tax increases in the coming years, have left us no other option.
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