"We are pleased that Government had recognised that there have been problems with the business rates system. "But the changes mean there is going to be particular pressure on big stores which are needed to anchor high streets, and I think that was a very mistaken policy.""
"This is a stealth tax penalising the very businesses that anchor our high streets and provide mass employment. "The largest stores are already major contributors to the tax base, and an additional levy will undermine their ability to invest, grow and support local economies.""
"My message to Government is that that should not increase taxes on businesses anymore."
George Weston urged the Chancellor to reconsider proposed business rates reforms, warning they would increase the financial burden on major retailers. Weston said the reforms place particular pressure on large stores that act as anchors for high streets and described the policy as mistaken. The British Retail Consortium warned that up to 400 major retailers could be heavily affected by further taxes. Weston called for no further business tax increases and requested reconsideration. Property tax practice leader Alex Probyn described the measure as a stealth tax that would undermine store investment and run counter to supporting high streets.
Read at London Business News | Londonlovesbusiness.com
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