Tycoon Sir Tom Hunter last night revealed that the dire state of Scotland’s economy on the high street reduced him to tears.

In a deeply personal message Sir Tom told how he cried during a visit to his home town in Ayrshire – where he started his business career – when he saw the huge amount of shop closures.

And in an emotional plea before the Scottish Budget on Tuesday the millionaire philanthropist implored the SNP to ease the tax burden on companies to stimulate the economy.

He warned any increase in business rates will only result in more firms going bust, leaving people out of work and reliant on the state.

He also added his support to retailers who are calling for a permanent business rates discount for shops, similar to that in England, adding that its time ministers listened to firms.

His comments come amid warnings that a revaluation of the rateable values of business premises in Scotland will lead to hikes in rates of up to 300 per cent.

The Mail on Sunday can also reveal that Sir Tom, 63, and an alliance of the country’s entrepreneurs will launch a manifesto of their own in coming weeks in an effort to influence political parties ahead of May’s Holyrood Elections.

His dramatic intervention comes after he previously warned that taxes and red tape under the SNP had inflicted a decade of ‘mismanagement’ on Scotland’s economy.

Sir Tom said increasing business rates would see the amount raised in taxes 'decrease in time'

Sir Tom said he was upset by the number of empty units on Ayr High Street

Sir Tom made his fortune from the Sports Division empire he established, initially selling trainers from the back of a van and later a shop in Ayr’s High Street.

Revealing his upset at the state of the area where he started his career, he said: ‘I had a walk down Ayr High Street at Christmas. I had tears in my eyes over the number of shops that had closed.

‘I operated on Ayr High Street for almost 20 years. It was a thriving hub then.’

Last year it was revealed that Scottish companies have had to pay £580million more in business rates than those south of the Border.

Ahead of the Scottish Budget on Tuesday, he made an impassioned plea for measures to stimulate the economy.

And his opinion on the challenges facing firms extend far further than his hometown, as he warned that punishing taxes on firms are counter-productive.

He said: ’We are seeing real difficulty surrounding the level of business rates in Scotland.

‘If you just keep putting up business rates, the amount you raise will actually decrease in time and you will collect less in tax.

Sir Tom's business acumen has seen him honoured with a knighthood and rub shoulders with royalty and celebrities during his career