Dragons' Den icon warns of mass closures 'if shops hit in next Budget'

Dragons' Den icon Theo Paphitis has warned of mass closures if shops are hit even harder at the next Budget.

The businessman, who owns the stationary chain Ryman, issued a stark warning that the UK high street may not survive further tax hikes.

Companies are already being hit with hefty business rates - with speculation growing Chancellor Rachel Reeves may pile on the pain in the autumn.

Mr Paphitis highlighted the immense burden smaller businesses are carrying compared to online giants who are paying 'next to nothing'.

Firms have also been battered by hikes in National Insurance contributions and an inflation-busting increase in the minimum wage which came into effect in April.