More than 70 retailers urge Reeves to make 20% cut to business rates

In letter to chancellor, Tesco and M&S are among firms warning tax could result in widespread store closures

More than 70 retailers, including Tesco, Marks & Spencer and Ikea, are lobbying the chancellor, Rachel Reeves, for a 20% cut to business rates, warning that the property tax could force tens of thousands of shops to shut.

In a letter to Reeves coordinated by the British Retail Consortium (BRC), executives are pushing the Treasury to introduce a retail rates corrector" on the levy, which is a property-based tax charged by local councils and imposed on businesses including retailers, pubs, factories and company offices.