Billionaire businessman Mike Ashley has slammed Prime Minister Andy Burnham's proposals to revive British shops as “delusional”. The former Sports Direct boss warned that the high street will be “further devastated” unless taxes are cut.
Plans labelled 'simply delusional'
Mr Burnham has made reviving Britain's high streets a key part of his political pitch. He has sought to calm corporate nerves by saying that he wanted to “take pressure off” businesses.
But the Frasers Group tycoon rubbished Number 10's plans to fund business rates discounts for pubs and clubs by hiking rates on retailer-owned or third-party warehouses. The entrepreneur labelled the idea “simply delusional” in a letter to No10 and urged him to avoid jumping on “bandwagons that only address part of the problem”.
Rejection of council powers and theft concerns
He also rejected the proposal to give local councils more powers to stop “dodgy” vape shops and adult gaming centres from opening.
Mr Ashley said: “Your comments about looking again at business rates in the next Budget are of course welcomed but frankly a case of too little, too late. Shortsighted or populist reactions to underlying business challenges are not the answer.”
He also said more needed to be done to tackle store theft, which he estimated to cost Frasers around £40 million a year.
A Downing Street spokesperson said the PM “will build a new economy that backs British business” and delivers growth.
