Business rates need to be reformed to help keep the high street alive, the chief executive of Next has said.
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.
“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.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel