Some of the UK’s biggest retailers have called on the chancellor to take action on business rates to save the high street. 

Busy shopping street in London

Business rates are set to rise by 6.7% next year

Marks & Spencer, Sainsbury’s and Currys are among the brands urging Jeremy Hunt to cut or freeze the tax bill, which is set to rise 6.7% next year.

According to the British Retail Consortium, the rise equates to a £470m bill hike for the country’s retailers.

Sainsbury’s boss Simon Roberts told the Daily Mail the supermarket spends nearly £500m a year on business rates and said a rise could intervene with lowering food prices. 

“If there’s one issue I am concerned about that could interrupt food inflation coming down, it is choices made in the Budget on business rates,” he said. 

“There is clearly a risk that any increase will bring further pressure on food prices.”

The business rates multiplier was frozen this year but is expected to go up in April 2024.

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