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