Next boss calls for business rate changes

Business rates need to be reformed to help keep the high street alive, the chief executive of Next has said.
By The Newsroom
Published 30th Jul 2018, 22:21 BST
Updated 31st Aug 2018, 17:00 BST
Time for a rethink on business rates says Next boss WolfsonTime for a rethink on business rates says Next boss Wolfson
Time for a rethink on business rates says Next boss Wolfson

Lord Wolfson, who is also a Tory peer, said the commercial property tax needs to be updated to reflect major changes in retail triggered by online shopping.

He told ITV News: “The one thing that I think the Government must do is make rates more responsive to today’s reality.

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“There are lots of our shops where we pay higher rates than we do rents.”

The Tory peer insisted the system needed changes in tune with a market where people increasingly buy goods online.

He said: “I would have more frequent revaluations, up and downwards revaluations, so the rates are a fair reflection of the value of that property.”

Lord Wolfson added: “One interesting fact is that of the goods we sell online 50% of them are collected from a store and that’s what gives me absolute confidence that stores will be there in five or 10 years’ time.”

Related topics:Government