- Sports and general merchandise retailer Frasers, formally known as Sports Direct, called on the UK government to cut property taxes.

The company said it was backing a campaign by the British Retail Consortium lobby group requesting a reduction in so-called business rates, which are taxes paid on non-residential property.

'With the UK High Street on life support, the time for reform has long since passed,' Frasers said.

'Transitional relief in particular is disastrous for a great many retailers and needs to be significantly modified to at least ensure the correct amount of rates are paid by the end of transitional relief periods'

'The current system whereby downward transitions of just a few percent a year means that the correct amount is never reached or even close to, punishes those in greatest need of relief.'

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