Primark owner delivers warning to Rachel Reeves over ‘mistaken’ rate changes
The head of Primark’s parent company has issued a stark warning to the government, branding proposed changes to business rates as “mistaken” and a significant burden on UK high street retailers.George Weston, the billionaire chief of Associated British Foods (ABF), told the PA news agency that the Labour Government “should not increase taxes on businesses any more” in the forthcoming November Budget.His comments come as Chancellor Rachel Reeves faces the daunting task of boosting Treasury revenues to address a potential £40 billion deficit in state finances. This financial pressure has intensified concerns that businesses could be targeted with further tax hikes, particularly given prior government pledges to avoid increasing taxes for working individuals.Businesses have already contended with a series of rising costs, including increases to national insurance contributions, the national minimum wage, and the Extended Producer Responsibility (EPR) packaging tax.“Increases to labour and packaging have already had an impact and it is important not to make it harder for businesses looking to invest and create jobs,” Mr Weston said.“My message to Government is that that should not increase taxes on businesses any more.”George Weston, the billionaire boss of Associated British Foods (ABF), has warned the Government that proposed business rates changes are “mistaken” and heap pressure on big stores on UK high streets More
