Asda and Boots urge chancellor to reform 'broken' rates system

Bosses of more than 50 retailers including Asda and Boots have written to the chancellor urging him to change tax rules to boost the UK High Street. The group said it wanted him to fix the "Broken business rates system", which it called outdated. In the letter to the chancellor, co-ordinated by the trade body the British Retail Consortium, the group pointed out that retail accounted for 5% of the economy but paid 25% of all business rates, a property based tax. "In this context, the prime minister's intention to pursue an economic package to boost business and investment in the UK is crucially important; we strongly believe that reform of the broken business rates system should be front and centre of that package." Retailers employ three million people in the UK. That makes the industry the UK's largest private sector employer, according to the British Retail Consortium.

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