Retail bosses have urged Chancellor of the Exchequer Rachel Reeves to slash the tax burden on the industry as the Budget on October 30 nears.

The chief executives of more than 70 retail firms have called on Ms Reeves level to “level the playing field between industries”, amid claims the sector pays proportionally more in taxes than others.

In a letter co-ordinated by the British Retail Consortium (BRC), the signatories make the case for the UK Government to introduce a Retail Rates Corrector as part of its commitment to reform the business rates system.

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The BRC says the corrector – a 20% downward adjustment in business rates paid on retail properties - would redress the “imbalance” that sees the retail industry pay 7.4% of all business taxes (£33 billion), a share one and a half times greater than its share of the overall economy (5% of GDP). The tax burden holds back investment in people and places, directly affecting the 3 million people employed by the industry, and the 2.7 million further people employed within the supply chain, the organisation said.

The call for action comes as the BRC says the UK has been losing shops at a rate of over 1,000 a year, with research suggesting that without action a further 17,000 shops could close over the next decade. The BRC says the Retail Rates Corrector could stem the tide of shop closures, and unlock new investment in jobs, shops and communities.

Helen Dickinson, chief executive of the British Retail Consortium, said: “Retail has been the golden goose, generating tax revenues far beyond the industry’s size, but the current situation is not sustainable. The government should act to rebalance the system and ensure all industries are paying their fair share. This in turn would drive increased retail investment in people, places and communities.

“The Budget is the perfect opportunity to lay the groundwork for local investment that delivers for retail’s customers, delivers for its employees, and delivers for the economy.”