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
-
We don’t operate investment platform – GNPC
13 mins -
Ghana Fact-checking Coalition condemns disinformation on voting by Wontumi FM broadcaster
15 mins -
IFRS 17 will augment and accelerate NIC’s efforts to implement risk-based capital – Deloitte
17 mins -
IFRS 17 is one of biggest changes to financial reporting standards in insurance industry – Deloitte
31 mins -
Enimil Ashon: Whose polls do you believe: ‘Global Info or Prof Sarpong?
33 mins -
Ghana Climate Innovation Centre welcomes 25 businesses into Cohort 10
38 mins -
ADB will continue to enhance customer value and service experience – Managing Director
40 mins -
Colour Cure Exhibition highlights art’s role in healing and advocacy
42 mins -
GPL 2024/25: Aduana FC sack coach Yaw Acheampong after poor run
45 mins -
John Dumelo pays ¢10,400 in outstanding fees for visually impaired law student facing deferral
46 mins -
CHRAJ clears Rev. Kusi Boateng of conflict of interest, says he doesn’t own 2 passports with different names
49 mins -
We’ll restore hope by cutting down taxes and avoiding unreasonable borrowing – Ato Forson
54 mins -
14th Edition of Tech in Ghana Conference launched in Accra
54 mins -
Manifesto clash: NPP, NDC spar over water, hygiene, sanitation and climate change
1 hour -
Ellembelle MP constructs new health facility at Santaso to serve several communities
1 hour