Sainsbury's CEO criticizes UK business rates tax system, advocating for a 20% cut to save high street shops and jobs.
Sainsbury's CEO Simon Roberts has criticised the UK's business rates tax system as "no longer fit for purpose", warning that planned increases will lead to thousands of high street closures and job losses. The company has backed calls for a 20% cut in business rates for retail companies, arguing that the current system has become a significant burden on the retail industry. Research by Development Economics suggests that continued increases based on the current inflationary trajectory could result in the closure of an estimated 17,300 shops and a loss of nearly £5.5bn in tax revenue by 2033/34. A 20% cut, however, could protect and potentially create 17,000 retail jobs.
August 12, 2024
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