Business rates are sinking Britain’s high streets – inaction is no longer an option for the Chancellor, writes Shevaun Haviland

Walk down almost any British high street today, and the signs of decline are there to see. Empty storefronts, ‘to let’ signs, and an air of decline in too many towns and cities that were once hubs of community and commerce.

Week by week, we see household names – from Superdrug to Poundland – announcing more store closures. The Centre for Retail Research has dubbed it a ‘permacrisis’ for the UK retail sector, with store closures predicted to rise to around 17,350 this year – the highest level in more than a decade.

Clearly, a combination of factors has contributed to this decline, from the rise of online shopping to changing consumer habits. But there is one major outdated policy that continues to handicap UK companies: business rates.

Business rates are outdated

The current system, a property tax on non-domestic properties, is a relic of a bygone era. It calculates a........

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