More than 50 major UK retailers have demanded action from the Government to fix the “broken” business rates system, the Press Association reports
Bosses from companies such as Asda, Sainsbury’s and Marks & Spencer have written to Chancellor Sajid Javid calling for “fundamental” reforms to the taxes paid by businesses on the properties they occupy.
It comes the day after new figures showed the number of empty shops in town centres had risen to its highest level since 2015, with the vacancy rate hitting 10.3% last month.
Helen Dickinson, chief executive of the British Retail Consortium, which co-ordinated the letter, described the current business rates system as “broken”, adding that it “holds back investment, threatens jobs and harms our high streets”.
“The fact that over 50 retail CEOs have come together on this issue should send a powerful message to Government,” she said.
“Retail accounts for 5 per cent of the economy yet pays 25 per cent of all business rates – this disparity is damaging our high streets and harming the communities they support.”
