// Bosses from M&S, Sainsbury’s and Currys have slammed the government’s business rates reform
// Currys CEO Alex Baldock said the business rates tax system is “outdated and punitive”
Bosses from M&S, Sainsbury’s and Currys have slammed the government’s business rates reform for being a far cry from what was promised.
The retailer’s chiefs criticised the recent changes, which include more frequent revaluations, for being insufficient as physical stores are still left facing a high tax burden, This is Money reported.
Despite the government promising a full review of the tax system, the retailers warned the new rate of tax is “throttling local economies”.
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M&S chief executive Stuart Machin told the publication the levy “cannot continue” in its current state.
He said: “We welcomed the Government freezing rates and ending downwards transition last year but it’s time they take decisive action to protect the retail industry, create jobs, bring customers back and support communities.”
Currys chief executive Alex Baldock said the recent changes were welcome but that “there is a long way to go”.
“The system is outdated and punitive, and change is necessary to keep pace with a modern retail environment,” he said.
“We’d like to see the Government follow through on the promise of fundamental reform.”
Meanwhile, Sainsbury’s finance boss Blathnaid Bergin added any changes that lower business rates bills would help lower prices and increase pay.
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