A business group that represents dozens of major retailers on London’s Oxford Street has called for a “comprehensive” reform to business rates to boost Britain’s high streets.
As part of its new manifesto for the next government, the New West End Company said it is calling for a “fairer system that does not simply shift the bill to online businesses but reflects the reality of today’s multi-channel sales model”.
A report by Atlus Group last year found that a host of retail, hospitality and leisure properties in London could be faced with an extra £575.55m in business rates next year because they were not eligible for support measures outlined by the government.
Dee Corsi, chief executive of the New West End Company, said: “As the election nears, ‘growth’ has become a buzzword for both Labour and the Conservatives.
“But if our nation’s politicians are serious about delivering for the business sector, we need to take a long-term approach that tackles unwieldy business rates, encourages innovation by reforming the rigid planning system, and keeps streets safe by remodelling police funding.”
She added: “Our manifesto, informed by the more than 600 UK and international businesses that the New West End Company represents, offers any future government a roadmap to do just that.
“In a little under four weeks the public will have decided on who they want to lead the country. When the nation has had its say, I hope that the government will look to the recommendations of the nation’s businesses so that they can deliver on the promise of growth.”.
Over the weekend, opposition party Labour promised to pull up the shutters for small businesses as part of its plan to revitalise the high street.
As part of its plan Labour said it would “replace the business rates system, with a new system that will level the playing field between the high street and online giants”.
New West End also called for the reintroduction of tax free shopping for international tourist to “restore the UK’s competitive edge”.
The government ditched the VAT refund for tourists in 2021, when Prime Minister Rishi Sunak was Chancellor, which has since been dubbed the ‘tourist tax’.
The New West End Company said: “The impact of removing tax-free shopping is clear; tourist spend has fallen across the country and is soaring in nations such as France and Italy, forcing British businesses to trade at a disadvantage.
“NWEC is calling for the reintroduction of tax-free shopping to restore the UK’s competitive edge, whilst simultaneously supporting businesses and supply chains across the nation.”
City A.M. approached both the Conservative and Labour parties for comment.