Frasers founder Mike Ashley has criticised Prime Minister Andy Burnham’s plans to revive British high streets, calling them “delusional” and arguing they do not address retailers’ main costs. He said shops would face further damage unless business rates and employment costs were reduced, accusing the government of prioritising regulation and media-friendly policies over competitiveness and growth.

Burnham has proposed a 20 per cent business-rates cut for pubs, clubs and live music venues from next April, funded partly by reviewing reliefs for businesses such as vape shops and tackling tax non-compliance by online marketplaces. He has also suggested higher rates for large warehouses serving online retailers, sometimes described as an “Amazon tax”; Ashley said this would merely shift costs onto larger retailers and was too little, too late. Ashley also cited store theft, which he estimated costs Frasers about £40 million annually, while Downing Street said its wider programme aims to ease living costs and support businesses.