Thursday 27 August 2026 3:46 pm
| Updated:
Thursday 27 August 2026 3:47 pm
Mike Ashley is the billionaire behind Sports Direct (Lucy North/PA Wire)
Retail tycoon Mike Ashley has blasted Andy Burnham’s proposals to revive the British high street as “populist” and “too little too late”.The billionaire Sports Direct and Frasers Group founder has written to the Prime Minister accusing him of failing to tackle the cost of living with “delusional” policies. The causes of the UK’s rising cost of living “have not been assisted by recent government policies and are not going to be helped by your recent populist proposals,” he said, in a letter seen by City AM.Ashley accused Burnham of seeking media attention over practical solutions to help households and business, taking aim at the Prime Minister’s “disastrous” position on business rates.“Rather than address the real underlying issues of how the country’s financial affairs are managed, and supporting growth and entrepreneurialism in business, it is easier for you to pick topics which provide good media soundbites and the old salve of yet more regulation – which is not what the country needs to become competitive,” he wrote.“Shortsighted or populist reactions to underlying business challenges are not the answer. You have the chance to make a difference or get it horribly wrong.”The retail billionaire mocked Burnham’s pledge to deliver “everyday fixes” on the cost of living, which have included a £2 bus fare cap and the removal of VAT on household electricity bills.“This is a certainly a time for pragmatism and brave solutions but applying that to the underlying issues – not jumping on “everyday fixes” or band wagons that only address part of the problem,” he wrote.Ashley’s intervention comes amid a growing City backlash against Burnham’s pledges to tackle cost of living as costs facing businesses continue to rise. On Monday, a group of influential business veterans including billionaire political donor John Caudwell and retail bigwig Lord Stuart Rose hit out at the “creep of taxes” hitting firms across the country.In an open letter, the City grandees called on the government to rule out new taxes on founders, including levies on dividends, capital gains and business assets.On Wednesday, Burnham told the Financial Times that he will tackle the “challenging” cost of business as he attempts to quash fears that October’s Budget will bring another damaging tax raid on British firms. Earlier this month, Frasers bought luxury department store chain Harvey Nichols out of administration in a £40m deal. The group, which is well-known for its connection with 90s sitcom Absolutely Fabulous, has tumbled to consecutive losses in recent years after facing increased competition from rivals Selfridges and Harrods. Frasers said it will need to commit to “significant restructuring” of the firm. Ahead of the deal, Ashley said it had fallen into a “death spiral” in recent years.Frasers’ acquisition of Harvey Nichols comes as the retail group pushes into high-end fashion. The group upped its stake in German fashion house Hugo Boss this month after tabling a bid to takeover the entire firm.
