Retail body reacts on Labour’s five-point plan to revitalise high streets

Slashing business rates, curbing energy bills, combating anti-social behavior and stamping out late payments are among measures outlined in a new five-point plan released by Labour to “get our high streets thriving again”.

Under the plan, released by Labour leader Sir Keir Starmer and shadow chancellor Rachel Reeves on Wednesday (12), Labour is also proposing to invest £700m to support small businesses with their energy bills by offering vouchers for energy efficiency measures such as insulation or heat pumps, funded through changes Labour has proposed to the windfall tax on oil and gas companies.

“Britain’s businesses already give so much to our economy and hold a huge amount of potential and promise just waiting to be unlocked,” Sir Keir said.

“But they’re being held back by 13 years of Tory economic failure. The Tories crashed the economy, and business and working people are still paying the price on higher interest rates.

“With our five-point plan, Labour will work in partnership with businesses and local communities to get our high streets thriving again. This is just one of the ways we will deliver our mission to secure the highest growth in the G7, so every part of our country can feel better off.”

Responding to Labour’s five-point plan to revitalise high streets, Helen Dickinson OBE, Chief Executive of the British Retail Consortium, said that the successful transformation of high streets to places with a wider mix of uses, including retail but with more leisure, care in the community, public services and housing, requires strong local leadership, proactive councils and effective national policies.

“It is positive to see Labour focus on some of the steps needed to realise this vision through plans to bring empty shops back into use, tackle anti-social behaviour and support energy efficiency investment which could help as retailers target net zero by 2040.

“It is vital that solutions for thriving high streets are fully considered, don’t add complexity or cost to retailers and recognise the nature of modern retailing, whereby the majority of retailers sell both online and in stores. Retail accounts for 5 per cent of the economy but pays more than one-fifth of business rates.

“The overall industry tax take is unsustainably high and contributes to shop closures, job losses and stifled investment. There must be a permanent freeze of business rates and a cut to the multiplier in the longer term- it’s crucial that any business rates reform reflects how modern retail works, and lowers the burden for retailers of all sizes.”