Thierry Garnier, Chief Executive of Kingfisher, has urged the Chancellor to reform business rates, highlighting it as the "single biggest opportunity" to enable retailers to continue investing. Kingfisher operates B&Q and Screwfix stores across the UK.
Garnier stated that retailers, who employ 2.75 million people nationwide, are facing difficult decisions. He noted that Kingfisher is investing in new stores, with over 20 planned to open this year, and is committed to offering work experience placements to young people not in employment, education, or training.
The CEO warned that the ability to continue such investments depends on the Chancellor's decisions in the upcoming Budget. He pointed out that large shops are particularly affected by a new business rates multiplier, leading to the prospect of even higher bills.
Garnier suggested that removing shops from paying the higher rate of business rates would help deliver growth. He referenced a 20 per cent cut in business rates for pubs, social clubs, and live music venues, arguing the same logic applies to high streets and retail parks.
He added that retailers have absorbed significant increases in employment, packaging, and energy costs over the past 18 months, working to avoid passing these on to customers.