Frasers Group’s boss has called for ‘bold’ business rates reform to save the ‘dying’ High Street.
Michael Murray called on the Government to slash the levy, which is paid based on the value of a commercial property.
‘Town centres are dying, the system is broken and physical retail is being priced out of high streets,’ Murray said. ‘Retailers need radical reform, not more red tape.’
The Government must seize a ‘golden chance’ to ‘give retailers a reason to return to town centres’ by easing the burden, he added.
Troubled times: The Government must seize a ‘golden chance’ to ‘give retailers a reason to return to town centres’ by easing the burden
Bricks-and-mortar retailers claim they suffer an unfair business rates burden compared with online giants such as Amazon.
But many warn Labour’s plan to address the issue – by hitting larger commercial properties with higher taxes – will backfire.
Tesco, Sainsbury’s and the Co-op, as well as Frasers, have said this risks large retailers abandoning shops.
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