UK Hits Biggest Retailers to Ease Tax Burden on Struggling Shops

Chancellor of the Exchequer Rachel Reeves hit large retailers with higher taxes on their warehouses and biggest stores, as she tries to deliver on a promise to level the playing field for struggling smaller shops.

Reeves set out a new tax rate for commercial properties with a so-called rateable value of more than £500,000 ($661,000), part of a budget statement Wednesday designed to fill a hole in the public finances.