Bosses of more than 50 retailers including Asda and Boots write to Chancellor sajidjavid for a change in tax rules to boost the High Street
Bosses of more than 50 retailers including Asda and Boots have written to the chancellor urging him to change tax rules to boost the UK High Street.It said the tax had jumped by 50% since the 1990s and had contributed to some retailers going out of business.
The Treasury said it had announced a £3.6bn fund last month"to support our high streets and town centres". "The Chancellor will announce further details of the government's policy programme in the coming weeks and months," it added. In the letter to the chancellor, co-ordinated by the trade body the British Retail Consortium, the group pointed out that retail accounted for 5% of the economy but paid 25% of all business rates, a property based tax.It said as a result there were a growing number of empty shops, with vacancy rates at a four-and-a-half year high.Among other things, the group wants businesses in London and the South East to pay more business rates to take pressure off firms in the North and the Midlands.
"In this context, the prime minister's intention to pursue an economic package to boost business and investment in the UK is crucially important; we strongly believe that reform of the broken business rates system should be front and centre of that package."
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