Bosses on Wednesday welcomed a pledge from Tory leadership hopeful Matt Hancock to change the business rates system if he replaces Theresa May.
Hancock told BBC Radio 4's Today programme he would "absolutely" change the current system, but did not give details on how it would be achieved.
"It is something I would definitely look at," he added.
A number of chief executives broadly welcomed the news of potential reforms to rates that have crippled a number of businesses. The taxes are linked to property values, which companies that have physical stores believe puts them at a disadvantage to online rivals.
Helen Brocklebank, boss of luxury goods trade body Walpole, told the Evening Standard: “Business rates reform is a hugely important issue for high end retailers.”
She added: “We’ve long said business rates need urgent reform, not just for the world-famous brands, but because new and exciting smaller British luxury brands are being priced out of the retail market and that means less choice for customers.”
Michael Wainwright at diamond jewellery retailer Boodles said: “I think Matt Hancock would definitely win over business if he abolished rates and substituted them with something which was fairer."
Restaurant firm Carluccio's’ Mark Jones said: “Business rates needs a fundamental review to help save embattled high streets and I am pleased that a business friendly agenda is being debated in this leadership race.”
Federation of Small Businesses’ national chairman Mike Cherry said: “It is pleasing to see attention turning to the current business rates system which is archaic and broken. It has not kept up with the rapid development of big online companies, favouring them over bricks and mortar businesses particularly those on the High Street.”
Helen Dickinson, chief executive of the British Retail Consortium, said: “We would welcome a commitment by any politician to address Britain’s broken business rates system. Retail accounts for 5% of the economy, yet pays 10% of all business taxes and 25% of all business rates.”
Melanie Leech at the British Property Federation said: “The next Prime Minister needs to bring strong leadership, not only to find a way forward on Brexit but also on domestic issues including the need to address the business rates burden that is crippling our High Streets.”
Ed Cooke of retail property organisation Revo said: “Reform is absolutely vital to the future of the High Street and we expect all the leadership candidates to take this issue seriously."
