Grimsey proposes High St tax for major chains

MAJOR retail and leisure chains should “put something back into the High Street” through a one off levy, according to campaigner Bill Grimsey.
 
The former chief executive of Iceland and Wickes has recommended in his alternative High Street review that national chains should invest 0.25% of one year’s UK sales from 2014 into a local economic development fund to help sponsor start ups and new ventures.

He believes this would create a fighting fund of around £550m compared to £20m he says the Government has spent.
 
He said: “I honestly think the time has come for the big chains to put something back and help re-design the High Street. What we’ve seen in a lot of secondary town centre locations is that as the chains move out to more lucrative out-of-town sites they’re hollowing out the High Street.  
 
“The big players have made a lot of money over the years, and they should put something back. They could achieve far more than the Government has and leave a lasting and powerful legacy. If this money was spent wisely it could make a massive difference.”
 
He said a levy would work best if the money were administered through a central fund overseen by independent trustees that would include some of the biggest contributors to the fund.
 
“It would be absolutely vital that business had confidence in how their money was being spent,” he added.

The call for a levy on major retail and leisure chains is one of 31 recommendations to feature in Mr Grimsey’s alternative review, which will be launched on Wednesday.

Other issues that he examines include business rates, long term planning, using technology to create ‘networked towns’, car parking, access to finance for small business, charity shops and planning regulations.

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