Audio By Carbonatix
Tesco has announced that it is repaying the £585m worth of business rates relief that it received as support during the coronavirus pandemic.
The supermarket giant said the help to retailers had been a "game-changer" and hugely important at the time.
The move comes after Tesco was criticised for paying dividends to shareholders.
Tesco to repay £585m in business rates relief after payout backlash https://t.co/OzRu3LMmA1
— West Heath Motors (@WestHeathMotors) December 2, 2020
Tesco said its business had proven "resilient" and it had now decided to return the money in full.
"We will work with the UK government and devolved administrations on the best means of doing that," it said.
Business rates relief was extended to all retailers as part of a package of measures announced in March.
At that time, there was "a real and immediate risk to the ability of supermarkets to feed the nation", Tesco said.
"We are immensely grateful for the financial and policy support provided to us by the governments of the UK. This was a game-changer and allowed us to ensure customers got access to the essentials they needed," it added.
In October, Tesco defended paying a £315m dividend to shareholders. Finance chief Alan Stewart told reporters it was the right policy.
In March, Tesco was accused of "whipping up a huge lobbying operation" against a decision not to give its biggest stores in Wales financial help.
The Welsh government changed its mind and decided to grant business rate relief to all retail, hospitality and leisure firms.
Tesco is understood to have asked the Welsh government for an explanation of its thinking rather than a change in policy.
Latest Stories
-
Minister for Youth Development urges Russia to expand Ghana partnership to rural communities
2 minutes -
Mahama says 80% of DACF will go directly to district assemblies to accelerate development
6 minutes -
Adisadel College 2002 Year Group launches GH¢4.6m clean water legacy project
13 minutes -
GHIPO moves to secure global protection for Ghana’s Akpeteshie
22 minutes -
Zjili: Ghanaian Dagbani-language film premieres at Toronto International Film Festival
28 minutes -
Concerned Citizens of Yendi commend Farouk Aliu Mahama for supporting medical student
31 minutes -
NDC Youth Organiser aspirant Odarteifio pledges to tackle Northern Ghana’s irrigation crisis
32 minutes -
Daily Insight for CEOs: Attracting and retaining critical talent
42 minutes -
Ghana launches initiative to cut maternal deaths by 20% annually
58 minutes -
Examination malpractice is rising, not declining – EduWatch
1 hour -
Credit Unions encouraged to use technology to improve service
1 hour -
GBA President calls for reasonable, proportionate bail conditions
1 hour -
NAGRAT calls for end to political influence on WAEC results
2 hours -
GBA to announce position on Tribunals Law soon – GBA President
2 hours -
WAFU B U-17 Girls Cup: Joe Nana Adarkwa eyes title defence with Black Maidens
2 hours