What: John Lewis and Marks & Spencer on Oxford Street will see their business rates drop 60% by April after the government revealed its transitional business rates relief scheme.

Why it is important: The drop in business rates is a welcomed relief for retailers facing the effects of economic strain, customer behaviour shifts, operational cost increases and the cost-of-living crisis.

In addition to the 60% drop for M&S and John Lewis, other Oxford Street retailers, such as Selfridges, Harrods, Reserved and Adidas, are set to see their rateable value fall by at least 40%.

Retailers on Regent Street will see a smaller drop in their business rates compared to Oxford Street, with Burberry expected to benefit from a 37% drop. Followed by H&M and Arket, which will see their rateable value fall by 35% next April and & Other Stories, benefiting from a 25% fall.

M&S and John Lewis’ business rates to drop by 60%