Following news of UK retailers set to be exempt from the proposed increased business rates multiplier for properties with a rateable value of or above £500,000, as reporter by the FT this morning, read our Chair Dee Corsi’s full reactive statement below:

Dee Corsi, Chair, High Streets UK, said: “As the voice of flagship high street destinations across the UK, High Streets UK has long warned that subjecting larger retailers to a new ‘super tax’ higher multiplier will result in store closures, cost jobs, jeopardise investment and lead to higher prices for consumers. With the Budget just two months away, an exemption for retailers of all sizes is both welcome and necessary if the Government is to avoid undercutting its own growth ambitions.

“However, our high streets work in a delicate ecosystem, with retailers trading cheek by jowl with hospitality and leisure operators. These businesses do not trade in isolation, but depend on each other to drive footfall, spend, and create a cohesive high street destination. Providing relief to one business while jeopardising the future of its neighbour is counterproductive to any sustainable growth agenda.

“We need a business rates system which safeguards all businesses on our high streets. It is these businesses which bore the brunt of tax hikes in the last Budget and many simply cannot shoulder an additional burden.

“We are calling on the Government to recognise high streets as the interconnected ecosystem they are, and move to exempt all retail, hospitality, and leisure businesses from an additional ‘super tax’ which would put their future in question.”