Dragons' Den entrepreneur Theo Paphitis has launched a scathing attack on the government's latest Budget, describing it as "another nail in the high street's coffin". The retail tycoon warned that small businesses are being "squeezed out of existence" by outdated policies.
Retail Veteran Sounds Alarm
Speaking exclusively to the Mail, the 64-year-old businessman - who owns Ryman Stationery, Robert Dyas and Boux Avenue - said: "This Budget offered nothing to save our struggling high streets. The government seems oblivious to the perfect storm of business rates, online competition and consumer spending cuts."
The Numbers Don't Lie
Recent figures paint a bleak picture:
- Over 17,500 chain store outlets disappeared from UK high streets in 2022
- Independent retailers report profit margins shrinking to just 1-2%
- Business rates have increased 50% faster than inflation since 2010
Missed Opportunities
Paphitis highlighted three key areas where the Chancellor failed to act:
- Business Rates Reform: "The current system unfairly penalises physical retailers compared to online giants"
- Energy Support: "Small shops face energy bills up 300% with no meaningful help"
- Investment Incentives: "Where are the tax breaks to encourage regeneration of town centres?"
The retail magnate, who employs over 3,000 people across his businesses, warned that without urgent action, "we'll see more boarded-up shops and soulless high streets within five years".
A Call to Arms
Paphitis urged fellow business leaders to "stop being polite" and demand radical changes from policymakers. "This isn't about party politics - it's about saving the heart of our communities," he said.
With Christmas trading just months away, many retailers fear this could be their last festive season unless the government intervenes. As Paphitis put it: "The high street can't survive on nostalgia alone."
