Speaking at the Labour party conference, shadow chancellor Rachel Reeves told delegates that one of her priorities would be to abolish business rates and replace the current system with a property based tax which would create a more level playing field between bricks and mortar high street stores and online only operations.

The radical plan to abolish business rates would need to be funded with alternative revenue streams which will still be paid by businesses, although Reeves claims it would be a fairer system and would recognise investment and declines in property values.