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(Sharecast News) - The heads of three major UK retailers have criticised business rates reform for not meeting government pledges, calling them a "far cry" from what was promised.
Chief executives from Marks & Spencer, Sainsbury's and Currys hit out at adjustments to the tax, which leaves physical stores still facing high tax burdens, under the regime which levies rates on shops, pubs and other business properties based on their rental value.
Downing Street had promised a review, but retailers said changes so far were insufficient and warned that the tax was still "throttling local economies".
Critics say the system unfairly punishes those with a physical presence in town centres, while online players face lower bills. M&S chief Stuart Machin said shops make up just more than 5% of the economy, but pay almost 25% of business rates, stifling investment and forcing up prices.
"We welcomed the government freezing rates and ending downwards transition last year but it's time they take decisive action to protect the retail industry, create jobs, bring customers back and support communities," he was quoted by the Daily Mail as saying.
Currys CEO Alex Baldock called the system "outdated and punitive", adding that change was necessary "to keep pace with a modern retail environment".
"We'd like to see the government follow through on the promise of fundamental reform," he said.
Recent changes included scrapping a transition period for businesses to benefit from lower bills and more frequent revaluations.
The British Retail Consortium said the changes were a long way from the ruling Conservative Party's 2019 general election manifesto pledge.
"The broken business rates system is a drag on investment, jobs and town centres," said BRC chief Helen Dickinson said.
Sainsbury's finance chief Blathnaid Bergin said any changes that lower business rates bills would help lower prices and increase pay.
Reporting by Frank Prenesti for Sharecast.com
