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Nigel TAYLOR Published
March 8, 2025
The UK boss of malls giant Westfield has savaged chancellor Jeremy Hunt’s recent budget and said that the opposition Labour party has more credible ideas than the current government.
Scott Parsons, UK COO for France’s Unibail-Rodamco-Westfield, owner/operator of the Westfield London and Westfield Stratford City malls, became one of the highest-profile business leaders in London to openly back Labour’s policies.
He said: “The Labour Party’s newly unveiled strategy to revitalise Britain's high streets holds great promise. By pledging to overhaul the outdated business rates system, Labour is signalling a more encouraging future for the sector.”
As for his criticism, in particular, he described the budget’s failure to restore tax-free shopping for foreign tourists or reform business rates as an “utter disappointment”.
He said: “[The] Budget is an utter disappointment for the retail and property sectors, with no significant announcement on business rates and no U-turn on tax-free shopping for tourists. These are clear missed opportunities especially in this all-important election year.
“It's deeply frustrating that calls from over 500 sector leaders to halt the tourist tax have been ignored, despite the compelling data which demonstrates the critical importance of tax-free shopping for the UK economy.”
He noted that the existing business rates system “places our high streets at a massive disadvantage compared to those in other European cities, with UK retailers shouldering a financial load nearly 10 times more than brands on the continent.”
He added: “Permanently lowering rates is the most meaningful way to support the sustainable, long-term growth of the retail industry and show the world once and for all that the UK is open for investment.”