Steve Rowe, the CEO of Marks & Spencer (M&S), has warned of more job losses if business rates aren’t reformed soon.
In this regard, Steve has urged UK chancellor Rishi Sunak to increase corporation tax so as to help reform business rates.
The M&S CEO’s reactions came in the wake of delay by the Treasury to present its final report on reviewing business rates. The report has been postponed till autumn, as the treasury, reportedly, hopes to see better economic certainty by then.
An interim report – comprising summary of consultation responses – will be published on 23 March 2021.
While speaking to Daily Mail, Steve said that ‘seismic upheaval’ owing to pandemic would impact the high street retailers badly and the only solution to this was reformation of business rates.
It is not just the M&S Boss! Lord Simon Wolfson, Chief Executive Officer of Next, has also been urging the chancellor to urgently reform the business rates and help retailers survive.
We will update you about all latest developments on the same.