Tesco to repay business rates relief

This morning, Tesco announced its ambition to repay £585m of business rates relief that it received during the coronavirus pandemic. This is a significant step taken by the UKs largest grocery operator and is the first in the sector to do so.

Tesco are in a strong position to replay this amount given they are raising $10bn from the sale of their Thailand businesses and increased UK grocery sales have helped pre-tax profits rise by almost 29%.

Newly appointed CEO, Ken Murphy said:

“Giving this money back to the public is absolutely the right thing to do by our customers, colleagues and all of our stakeholders”

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