Why now is the time for Jeremy Hunt to rescue the high street
The cost of living crisis is making life for shops tougher than at any point since the pandemic, writes James Moore. But cutting business rates in the autumn statement will save more businesses going to the wall while we decide what we want from the high street
M&S bucked the high street trend by posting increased profits this month
It’s become something of a hardy perennial: whenever a chancellor (and, in Jeremy Hunt, we’re on our fifth since the 2019 general election) is due for one of their big set pieces the British Retail Consortium starts screaming business rates.
This year the campaign started early. A letter signed by 44 retail leaders, representing roughly a third of the industry, calling for a freeze in the business rates multiplier used to calculate each payer’s bill, made its way to No 11 Downing Street in September.
The BRC upped the ante again last week, joining forces with UK Hospitality, the Association of Convenience Stores, the British Independent Retail Association and ukactive (representing gyms and leisure centres) to warn that “businesses, jobs and the future of high streets are at risk” without action on rates.
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