Beales, a longstanding English department store chain, is shutting down its final outlet in Poole after over 140 years. CEO Tony Brown attributes the closure to the 'punitive' taxes implemented in Rachel Reeves' budget, stating that increased costs and uncertainty surrounding future tax hikes have rendered the business unviable. This follows the closure of Beales' Southport store last year.
READ MOREAn English department store chain will close its doors after more than 140 years blaming the crippling effects of Rachel Reeves' tax-raid budget.
Mr Brown referenced comments made by Marks and Spencer chief executive Stuart Machin that the retail sector was being 'raided like a piggy bank' and said he would 'add hospitality to the list'.Once the biggest department stores in Dorset, the chain was originally established as The Fancy Fair by John Elmes Beale in 1881 and expanded through acquiring other department stores.
The Labour government has defended its budget saying it is necessary to plug a 'black hole' in the country's finances and invest in different industries to get the economy growing
TAXES RETAIL CLOSURE ECONOMY LABOUR GOVERNMENT
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