Kingfisher chief warns tax rise could end NEET support programmes

Thierry Garnier, chief executive of Kingfisher, wrote to Chancellor John Healey warning that a tax increase could compel the FTSE-100 group to withdraw its support for young people not in work, education or training. He highlighted Kingfisher’s commitment to provide work-experience placements at its B&Q and Screwfix stores, but said the continuation of the scheme hinges on the Budget’s treatment of business rates. Garnier called for shops to be removed from the highest rate bracket, describing business-rates reform as the biggest chance for the Chancellor to sustain retail investment.

The request aligns with the British Retail Consortium’s call to reverse recent employer NIC rises and to modernise the outdated rates system. Retailers argue that current rates disadvantage bricks-and-mortar stores compared with online competitors. Garnier also disclosed his upcoming exit from Kingfisher, with Sebastian Gundel slated to succeed him in February, after being recruited by Ahold Delhaize. The Treasury was contacted for comment.