Tory MP calls for business rates to be scrapped and replaced by higher VAT
Kevin Hollinrake wants to see VAT increased by 3%.
Business rates should be scrapped and replaced by an increase in VAT in order to save high street businesses, according to a Conservative MP.
Kevin Hollinrake (Thirsk and Malton) said increasing VAT from 20% to 23% would fill the £30 billion annual gap created from the abolition of business rates.
Introducing his Abolition of Business Rates Bill, Mr Hollinrake told the Commons: “Last year alone 180,000 jobs were lost in retail in the UK. We need immediate change.
“My Bill does deliver immediate change. It abolishes business rates completely and replaces the revenue with a small increase in VAT.
“Thereby fundamentally levelling the playing field between online and our precious local high street businesses.”
