// Labour business rates review could see landlord tax in bid to revive the high street
// The opposition party says rising business rates “are causing real issues for high street retailers”
// Labour outlined its proposal in its manifesto ahead of next month’s General Election
Labour has said it would launch a review into business rates which could place an extra tax on property landlords in a bid to revive high streets across the UK.
The opposition party said rising business rates were “causing real issues for high street retailers”.
In its manifesto – launched yesterday ahead of next month’s General Election – the Jeremy Corbyn-led party outlined a plan to turn around the decline of the high street which includes looking at a “land value tax” on commercial landlords, as well as developing a new “retail sector industrial strategy”.
READ MORE: Tories reveal business rates overhaul plan ahead of election
Higher property costs and a move towards online shopping have seen retailers with 10 or more stores already close 5834 shops in 2019, up 77 per cent on the whole of last year, according to the Centre for Retail Research.
Prime Minister Boris Johnson said a future Conservative government would extend the retail discount on business rates to 50 per cent next year in England for those properties with a rateable value less than £51,000, and launch another review into rates.
Liberal Democrat leader Jo Swinson said her party would scrap business rates in favour of a levy on landlords.
Jeremy Corbyn’s strategy to help the high street also includes a promise to “stop bank closures” and a ban on ATM charges.
Labour also said it would give local government “new powers to put empty shops to good use”.
Nationalisation plans would extend to taking ownership of Royal Mail at the earliest opportunity and stopping post office closures.
MPs warned in May that there could be around 2500 post office branch closures over the next year.
Labour said it would create a Post Bank run through the network to ensure “every community has easy access, affordable banking”.
There will also be a Business Development Agency in the Post Bank to provide advice on how to launch and grow a business.
Labour also said it would try to stall the closure of local pubs by listing them as assets of community value, to allow community groups the first chance to buy locals which are under threat.
The British Chambers of Commerce said business would “welcome proposals” to review business rates.
BRC chief executive Helen Dickinson said: “We welcome the Labour Party’s manifesto commitment to a retail industrial strategy.
“From sustainability to business taxes to skills, it is vital that there is joined up thinking across government to ensure that retailers do not face an unsustainable burden of cumulative costs.”
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