“Next CEO Lord Simon Wolfson says business rates accelerating ‘process of failure’ on the high street”

Lord Wolfson does not mention a transaction tax on online purchases – not surprising as Next has a big online presence too.

“The chief executive of Next has called on the government to reform business rates, which he says are accelerating the rate at which high street shops close.

Lord Wolfson, a Conservative Party peer, says the tax on commercial property has not been updated to reflect the increasing popularity of online shopping and needs changing.

“The one thing that I think the government must do is make rates more responsive to today’s reality,” Simon Wolfson told ITV News.

“Let the thriving towns and cities, we should be paying high rates, but the ones that are dying, actually that process of failure is being accelerated by rates that are stuck at levels that don’t reflect today’s reality”. …”