The two Conservative leadership candidates must pledge to cut business rates, a group of the UK's biggest retailers has warned. They must come up with 'serious proposals' to support shops across the country being hamstrung by the so-called 'shops tax', it said. As Chancellor, Sunak oversaw a review into business rates, but there were no sweeping reforms to the levy. Truss, the Foreign Secretary, has promised to reform business rates so that they reward investment if she becomes Prime Minister. Business rates are charged on shops, restaurants, pubs and other business properties based on their rental value.

Source: Daily Mail July 25, 2022 00:30 UTC