It was probably the last thing Dave Lewis, Tesco’s new chief executive, wanted to read about. As soon as his appointment was announced, the papers were suddenly filled with headlines about a ‘Tesco tax’.
In fact, the proposed Tesco tax is not a special one-off levy on grocers who expanded too ambitiously overseas, and built too many drab sheds filled with rather mediocre stuff that was a bit more expensive than it really should have been.
It is, instead, a proposal by a group of local councils for extra business rates on big out-of-town superstores to help struggling local high [...]
Want to read this article now?
Already a MoneyWeek subscriber? Please log in below.
Not a subscriber? Sign-up now for a 4 week FREE trial to get instant access.