Member

We are paying for this support for the high street through higher rates on the top 1% most expensive properties. That includes many large distribution warehouses, such as those used by online retail giants. Let us be crystal clear: before our reforms, a mid-sized high street business faced the same multiplier or tax rate as a warehouse used by an online giant—that was the system we were left with. Now, the mid-sized high street business will pay around 38p in the pound, and the large warehouse will pay around 51p in the pound. That is 33% more. This is a sizeable reform, and it is here for good.