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Boohoo and Asos just signalled the death of High Street retail - so who’ll fund public services now?

The Evening Standard reports that the news that Debenhams and Topshop have been bought by online retailers Boohoo and Asos respectfully, could be good news for Marks and Spencer and House of Fraser when considering retail competition in the coming months

However, the article also warns of an expected 12,000 job losses at Debenhams alone, and many town centres around the UK could lose the last remaining reason for shoppers to visit.

As a result, the journalist Jim Armitage predicts that local councils will be the worst affected, with the cuts to central funding for essential services such as social care, from the decline in business rates caused by these shops moving online.

Debenhams, for example, pays £50 million a year in business rates.

Moreover, he states that with the prospect of lower rents from non-retail tenants, many landlords are likely to sell or bring in more charity shops with rates discounts.

Armitage concludes by calling on online retailers such as Asos and Boohoo to pay ‘proper taxes’.

Full article:

The Evening Standard - Boohoo and Asos just signalled the death of High Street retail - so who’ll fund public services now?

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