Britain's retail sector will endure a 'tsunami of closures' if the government does not extend a moratorium on aggressive debt enforcement, industry lobby group the British Retail Consortium (BRC), said on Sunday.
People walk past a closed shop following the outbreak of the coronavirus disease in Chester, Britain, August 10, 2020. REUTERS/Phil NobleBritain's retail sector will endure a "tsunami of closures" if the government does not extend a moratorium on aggressive debt enforcement, industry lobby group the British Retail Consortium , said on Sunday.
Many UK retailers deemed "non essential" had to close their stores during multiple COVID-19 lockdowns over the last 15 months, accruing total rent debt of 2.9 billion pounds , the BRC said.The BRC's survey found 80% of tenants said some landlords have given them less than a year to pay back rent arrears.
She called on the UK government to allow the rent arrears built up during the pandemic to be ringfenced and the moratorium on repayment of these debts to be extended to the end of the year.