Mike Ashley hits out at Hammond’s help for high street
Written by News on 22/11/2018
Mike Ashley has criticised the help for the high street announced in the budget, with a representative saying the retail tycoon believes it is the “work of a child”.
The boss of Sports Direct, who rescued House of Fraser (HoF) after its collapse in August, spoke out against the chancellor’s aid for independent retailers.
Philip Hammond said last month that for the next two years, all retailers in England with rateable value of £51,000 or less would have business rates bill cut by a third.
Mr Ashley also confirmed he was due to give evidence at the housing, communities and local government committee’s inquiry into the future of high streets and town centres.
Christmas shopping is just getting started at a time of Brexit uncertainty for both consumers and retailers.
Weaker trade for independent retailers has coincided with higher rent, wages and business rates.
The squeeze has forced several well-known chains, including HoF, to go to the wall while a string of others have sought rescue deals.
Mr Ashley said: “Since we acquired HoF, we’ve been working around the clock to save as many stores and jobs as possible.
“I believe politicians and landlords should be doing more to save our struggling high streets, so I intend to make the most of this opportunity to make a real difference.”
The billionaire expressed frustration last week after it was announced that four HoF stores would be closing – and clearly placed the blame on landlords for refusing to cut rents.
It is understood he will try to use his evidence to MPs as a platform for criticism of the government.
A representative said Mr Ashley was believed to feel Mr Hammond’s help on business rates was a token gesture and the “work of a child”.
A spokesman added: “The MPs originally wanted somebody from House of Fraser to speak for about 15 minutes as part of a panel of four, and said they didn’t mind who it was.
“Mike thought that wouldn’t achieve anything, so instead he demanded to go along in person for a full hour.”
(c) Sky News 2018: Mike Ashley hits out at Hammond’s help for high street
