DRAGONS’ Den TV star Theo Paphitis has warned of mass closures if shops are squeezed even more at the Budget.
The retail magnate said the high street would not survive further tax hikes after already being hit by hefty business rates.
After backing Labour, he now highlights the “immense burden” compared to online giants paying “next to nothing”.
Over 17,000 shops are tipped to shut this year.
And speculation has grown Chancellor Rachel Reeves will pile on the pain.
Writing in The Sun, Mr Paphitis says: “After everything the high street has been through, asking it to carry even more weight would be the final straw for many.
“The government must ensure that no shop pays more in the upcoming Autumn Budget.”
The Ryman boss took aim at a business rates system “for a different age” where retail pays 20 per cent of all the receipts.
Warning of a High Street hammer blow, he said: “The loss is not just economic – it chips away at the social fabric, reducing spaces where people meet, work and spend time.
“Once a shop shuts, it is far harder and costlier to bring it back, meaning each closure represents a long-term wound to the health of the high street.”
Getty – ContributorTheo Paphitis has warned of mass closures if shops are squeezed even more at the Budget[/caption]
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