120,000 jobs are at risk as the UK reforms corporate tax.

VTV.vn - Retail and hotel associations warn that the UK's corporate tax reform plan could lead to hundreds of store closures, threatening around 120,000 jobs.

People queue outside a job placement center in London, England. Photo: AFP/VNA.

According to warnings from retail and hospitality executives, Chancellor Rachel Reeves' plan to collect a £1.7 billion property tax could threaten 120,000 jobs at major retail outlets.

The British Retail Consortium (BRC) and UK Hospitality have expressed concerns about the Chancellor's plans to impose higher corporate taxes on supermarkets, hotels, holiday parks, and restaurants. Trade organizations estimate that these changes could force hundreds of locations to close, resulting in around 120,000 job losses.

According to the corporate tax reform plan, set to take effect in April 2026, companies with large properties will face higher taxes to ease the cost burden on smaller businesses. The Labour Party argues that the reform aims to revitalize city centers and create a level playing field between traditional retail stores and large online retailers, particularly large warehouses.

However, retail and hospitality executives warn that this could backfire, forcing large stores and entertainment venues to close. Helen Dickinson, CEO of the BRC, and Kate Nicholls, Chair of UK Hospitality, both stressed that without significant corporate tax breaks, large stores and entertainment venues would be forced to close, causing serious consequences for the economy, particularly the loss of thousands of jobs. They urged the Treasury to consider more corporate tax breaks for retailers to protect hundreds of stores and jobs vital to the economy.

The Confederation of British Industry (CBI) said retailers' sales from the beginning of the year to October 2025 have fallen by around 27% compared to the same period last year. Martin Sartorius, CBI's chief economist , said consumer confidence remains weak and the situation is becoming even more cautious as the Autumn budget announcement approaches.

Source: https://vtv.vn/120000-viec-lam-bi-de-doa-khi-anh-cai-cach-thue-doanh-nghiep-100251028161256772.htm