Dee Corsi, Chair, High Streets UK, said: “While we welcome the overdue review of the business rates system, we are concerned that proposed changes will place an excessive burden on the UK’s flagship high streets – from New Street in Birmingham to London’s Oxford Street – which already bear the brunt of the business rates burden.

In fact, despite the Government’s ambition to create a fairer system and protect the high street, our analysis reveals that businesses in flagship locations are 5.1 x more likely to be affected by the new higher multiplier than anywhere else in the country.

If implemented, the proposed ‘super tax’ would negatively impact employment and put stores at risk of closure. As the Bill passes into law, we are urging the Government to take stock of concerns from business and review its proposals ahead of the Autumn Budget.

A critical first step will be to publish a full and transparent impact assessment of the proposed changes. We are also calling for a freeze in any multiplier increases until after the 2026 revaluation, to provide businesses with greater certainty, and for an exemption of all Retail, Leisure, and Hospitality properties from the higher multiplier to meet the Government’s stated ambition of protecting high streets.”