The chief executive of Associated British Foods George Weston is urging the Chancellor to reconsider the proposed tax plans as this could have a detrimental impact on their business.
Weston is arguing the reforms to business rates will place an even higher financial toll for major retailers.
Weston is warning Rachel Reeves not to impose further business taxes on the 26 November Autumn Budget and said any alterations will be “mistaken.”
Last week the British Retail Consortium (BRC) warned that up to 400 major retailers will be heavily affected by further taxes.
Weston said, “We are pleased that Government had recognised that there have been problems with the business rates system.
“But the changes mean there is going to be particular pressure on big stores which are needed to anchor high streets, and I think that was a very mistaken policy.”
The executive added, “We would love to see that reconsidered.”
Weston said, “My message to Government is that that should not increase taxes on businesses anymore.”
Property tax practice leader Alex Probyn said, “This is a stealth tax penalising the very businesses that anchor our high streets and provide mass employment.
“The largest stores are already major contributors to the tax base, and an additional levy will undermine their ability to invest, grow and support local economies.”
He added, “It also runs directly contrary to the Government’s policy objective of supporting our high streets and the retail sector.”
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