Following Chancellor Rachel Reeve’s announcements, read our Chair Dee Corsi’s full statement in reaction to the measures below.

Dee Corsi, Chair, High Streets UK, said: “As intended by the Chancellor, the Spring Statement featured no new tax decisions. It did, however, underline the harsh reality that the UK’s economic outlook remains challenging and the support many businesses urgently need is still missing.

“As the collective voice for flagship high streets across the UK, we are concerned about the absence of joined up policy to reduce the burden facing the over 5,000 businesses we represent. In April, these businesses will face an increase in Employers’ National Insurance, an increase in the National Minimum Wage and, for smaller businesses, an end to business rates relief – costly increases to already high operating costs, likely to tip businesses into the red.

“Looking ahead, we urge the Government to provide greater clarity, as soon as possible, on its proposals to reshape business rates on a more permanent basis. As it stands, the current proposal to introduce a new ‘super tax’ higher multiplier threatens to hit retail, hospitality, and leisure businesses hardest, with potentially devastating consequences.

“It is imperative that the Government reconsider their proposed reforms to protect businesses on the UK’s flagship high streets, attract inward investment, and support national and local growth.”