The CEO of Kingfisher, parent company of B&Q, has urged Rachel Reeves to rethink proposed tax hikes on retailers, emphasizing the technological innovations within the sector. Thierry Garnier highlighted that Kingfisher faces substantial operational cost increases due to rising national insurance contributions and minimum wage, leading to a projected £45 million cost spike this year. He advocates for business rates reform, arguing that it is essential for maintaining competitiveness, particularly as US tech giants seem to benefit from potential tax cuts in the UK.
The retail industry must be recognized for its innovation in AI and robotics, similar to US tech firms, to justify reconsideration of tax increases.
We're facing significant cost increases from employers' national insurance and business rates. Without reform, it jeopardizes our investment in innovation and job creation.
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