Retail billionaire Mike Ashley has criticised Prime Minister Andy Burnham’s cost-of-living and high street measures as “populist” and “too little too late” in a letter sent to Downing Street on Thursday.

The Frasers Group founder accused the government of focusing on measures designed to generate media attention rather than addressing business costs, including business rates and rising employment expenses. Ashley said these pressures were contributing to difficulties for retailers and warned that further regulation would not improve the UK’s competitiveness.

Ashley said the government’s approach was “a time for pragmatism and brave solutions” focused on underlying economic problems rather than “everyday fixes”. Burnham has promoted measures including a £2 bus fare cap, removing VAT from household electricity bills and new rules covering subscriptions and misleading discounts.

The Prime Minister announced further high street measures on 11 August, including powers for councils to block new vape and betting shops and tougher closure powers for stores linked to illegal tobacco sales or organised crime. Ashley argued that business rates remained a more pressing concern for retailers.

The dispute follows a planned 20 per cent reduction in business rates for pubs, social clubs and live music venues from April 2027. The measure is expected to apply to almost 32,000 businesses, while Ashley criticised the decision to leave retailers and warehouses outside the relief.

Ashley’s intervention comes after Frasers acquired Harvey Nichols from administrators for £40 million earlier this month. The luxury department store chain had suffered consecutive losses, and Frasers said it would require “significant restructuring” following the takeover.

Ashley said Frasers was losing approximately £40 million a year through stolen stock and described shop theft as an urgent problem affecting businesses and staff safety. He called for measures that would improve retailers’ ability to protect themselves from theft.

The Frasers founder also challenged government proposals around recommended retail prices, arguing that regulators should focus on alleged price fixing and supply restrictions rather than discounting from RRPs. He cited England football shirts sold at £134.99 during the recent World Cup period and said Frasers’ replica kit sales had fallen by about 90 per cent over a decade.

Burnham told the Financial Times on Wednesday that he would address the “challenging” cost of business as he sought to ease concerns about further tax increases in October’s Budget. Downing Street has been contacted for comment on Ashley’s letter.

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