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Retail bosses call for £6bn corporation tax hike

A sub-committee of the Retail Sector Council is reportedly calling for the Treasury to increase corporation tax in order to cut business rates by £6bn.

The report is expected to include several recommendations, including the proposal to raise corporation tax by 2% to raise around £6bn a year by 2022/23. Other proposals cover VAT reform and tax and property cost transparency. 

The group will make the recommendations in a document to be shared across Whitehall in the coming weeks, Sky News has reported.

The Retail Sector Council was set up in 2018 to help address the decline of the UK high street and increase the productivity of the retail sector. It is currently co-chaired by minister for small businesses Kelly Tolhurst and former Co-op chief executive Richard Pennycook, who is also the chair of department store chain Fenwicks. 

Among the council’s members are Asos chief executive Nick Beighton and former John Lewis Partnership chairman Sir Charlie Mayfield. 

The Retail Sector Council has been contacted by Drapers for comment. 

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