Sir Charlie Mayfield, chairman of the John Lewis Partnership and president of the British Retail Consortium, has called for the business rates system to be overhauled in order to boost productivity.
In a poll conducted by the BRC, 95% of UK retail bosses said business rates reform would increase productivity and investment.
In a statement in The Telegraph, Mayfield said: “Business rates bills have continued to rise when property values have fallen. Retailers are now paying £2.40 in business rates for every £1 in corporation tax. Reforming the rates system would be a welcome boost for retailers and help drive investment in training and technology.”
Business rates are forecast to bring in £28bn this year as the government’s sixth-largest stream of revenue after income tax and national insurance.