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Economy

Labour vows to overhaul business rates system

According to the latest YouGov poll Labour lead the Conservatives by 22 points ahead of the general election on Thursday 4 July

The Labour party has vowed to overhaul the current business rates system should it be victorious in the general election.

The party stated that it would replace the current system with a new system that will “level the playing field between the high street and online giants”.

Shadow chancellor Rachel Reeves told the BBC that Labour “want to reform the business rate system in a way that reduces the costs for small businesses and high streets, ensuring that some of the big multinationals and tech companies pay their fair share”.

This comes after a number of business leaders have called for the rates to be overhauled in recent months.

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In March M&S CEO Stuart Machin publicly called for chancellor Jeremy Hunt to introduce reforms to business rates.

In a post on LinkedIn he stated that under the current system“balance is wrong and stymying growth”.

Labour has also pledged to “revitalise” the British high street by introducing town centre police patrols to crackdown on anti-social behaviour.

According to the latest YouGov poll Labour lead the Conservatives by 22 points ahead of the general election on Thursday 4 July.

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