Worst year for high street sales shows need for tax reform

Responding to the publication of the BDO High Street Sales Tracker which shows the UK high street is suffering the worst year on record, with in-store sales declining 2.7% year on year, Liberal Democrat leader Vince Cable said: 

“This report highlights two significant problems in our economy. Firstly, taxation is skewed directly against shops, particularly small and medium sized retail enterprises. To protect high street businesses the Chancellor must take action in the Budget by undertaking the Liberal Democrat plan to abolish business rates and create a system of taxing land, offering big tax cuts to most British high streets.
 
“More broadly these results are a clear signal that the economy is weak compared with other developed countries. The weak economy is likely to persist as long as the government pushes the country towards Brexit, cutting the UK apart from our closest trading partners and making the country less attractive to investors."