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For any copyright, please send me a message. The Treasury should hike corporation tax to fund a £6bn business rates cut for struggling high streets, according to a government-commissioned report prepared by leading industry figures. Sky News has learnt that a sub-committee of the Retail Sector Council - established by ministers in 2018 - will make the recommendation in a document to be shared across Whitehall in the coming weeks. The council, which is co-chaired by Kelly Tolhurst, minister for small businesses, consumers and corporate responsibility, counts the ASOS CEO Nick Beighton, Amazon UK country manager Doug Gurr, and Sir Charlie Mayfield, former chairman of the John Lewis Partnership, among its members. Its other co-chair is the former Co-op Group chief executive Richard Pennycook, who now chairs the family-owned department store business Fenwick. It was launched in response to the mounting crisis in Britain's retail sector, which has seen hundreds of thousands of jobs disappear and thousands of shops shut as retailers have struggled to cope with a lethal cocktail of shifting consumer habits and soaring costs. That maelstrom shows few signs of abating, with the Office for National Statistics saying recently that retail sales had failed to rise for a record fifth consecutive month in December. Data published by the British Retail Consortium in October showed the number of shoppers visiting high streets, retail parks and shopping centres had slumped by 10% during the last seven years. Already in 2020, Beales, the department store chain, has collapsed into administration, threatening 1300 jobs, while Mothercare brought the curtain down on decades of high street history by closing the last of its British shops. Sources said that the Retail Sector Council's business costs working group had decided to make a dozen recommendations, covering areas ranging from VAT reform to greater transparency around tax and property costs. A meeting of the council is understood to have been scheduled to take place on Wednesday to finalise its report. Among its key proposals is that corporation tax should rise by 2%, which would raise roughly £6bn annually by 2022-23. According to a source who has been briefed on the working group's recommendations, this additional revenue - which would be equivalent to 20% of total business rates income - would be used to reduce the business rate multiplier to roughly 40p in the pound. Business rates have been increasingly cited as a factor in the high street's travails, prompting scores of shop owners to write last year to urge Sajid Javid, the chancellor, to freeze future increases. Many retailers have renewed their pleas to the Treasury ahead of next month's Budget. Data shows t
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