Several major retailers have demanded action from the Chancellor ahead of the planned business rates rise later this month.
Jeremy Hunt is set to announce a 6.7% increase in the metric used to calculate property tax bills at the Autumn Statement on November 22.
The British Retail Consortium said the new rate translates to a £470m hike for the industry.
Sainsbury’s chief executive Simon Roberts told The Mail the business spends nearly £500m a year on business rates – its largest tax bill.
“If there’s one issue I am concerned about that could interrupt food inflation coming down, it is choices made in the Budget on business rates.
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“There is clearly a risk that any increase will bring further pressure on food prices,” Roberts added.
Similarly, M&S boss Stuart Machin warned that increases would “threaten to divert millions of pounds away from ongoing investment in keeping prices down and creating jobs across the country”.
“The retail sector is disproportionately impacted by business rates at a time when the Government is looking to tackle inflation and consumers are still struggling with the cost of living,” he said.
Currys chief executive Alex Baldock added the sector was “over-taxed” and a hike in rates would allow Amazon a “a free ride while British retailers bear the burden, and while our town centres continue to be hollowed”.
Fresh calls for Hunt to take action follow an open letter from 44 business leaders – including Aldi, Boots, Ikea, M&S, Sainsbury’s and Tesco – back in September calling for a freeze in business rates.
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