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Retail Sector Reacts with Cautious Welcome to Chancellor’s Autumn Statement

Retail and small business organisations have given a cautious welcome to business-focused aspects of the Chancellor’s Autumn Statement.

17 Nov 2022, more…

Confront the recession head on, says the ACT.

Cycle retailers around the UK facing up to the imminent challenges of recession will need to stay one step ahead of the curve to survive. Now is the time to benefit from being part of something...

17 Nov 2022, more…

Grants of £30K available to create up to eight secure cycle storage facilities across Belfast

Belfast City Council is seeking expressions of interest to provide publicly accessible secure cycle storage facilities across the city.

15 Nov 2022, more…

Global Bicycle Market Forecast to reach $130 billion by 2033

New research from Research Nester has forecast that between now and 2033, the global bicycle market could reach an estimated value of approximately $130 billion, by expanding at a compound...

15 Nov 2022, more…

Mary Portas warns government to act now or see half of high street shops shut

Ahead of the Chancellor’s Autumn Statement this week, retail expert Mary Portas called on the Government to rethink business rates and VAT to help struggling retailers.

14 Nov 2022, more…

94% independent retailers urge government to ‘preserve UK high streets’

A new report by Ankorstore and retail consultant Mary Portas has found that 94% of independent retailers want the government to act in next week’s budget to preserve the UK’s high...

10 Nov 2022, more…

bira offers guidance on energy bill relief scheme

bira has been offering guidance to retailers on how to take advantage of the Government’s energy bill relief scheme.

9 Nov 2022, more…

Black Friday consumer spending forecast to drop 50% this year

Figures from research conducted by global marketing agency Wunderman Thompson Commerce suggested consumers are set to spend up to 50% less than usual this Black Friday, November 25th.

7 Nov 2022, more…

Cycling Industry News launches annual Market Study

Cycling Industry News’ sixth annual Market Study has today gone live with independent retailers, workshops and mobile mechanics invited to take part by clicking here.

3 Nov 2022, more…

A third of drivers want cyclists banned from public highways, new research suggests

New research has suggested as many as one in three drivers believe cyclists shouldn’t be allowed on public highways and should be confined to cycle paths.

3 Nov 2022, more…

Retail industry reacts to Chancellor’s mini budget

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Retail industry reacts to Chancellor’s mini budget

Posted on 26 Sep 2022

Following the Chancellor’s mini-budget last week, the retail industry has been reacting to the support package for small businesses and independent shops….including some of the items conspicuous by their absence.

Following Kwasi Kwarteng’s statement, the Government provided further details to its plans to help cut energy bills for businesses through the new government Energy Bill Relief Scheme. The Government will provide a discount on wholesale gas and electricity prices, and it will apply to fixed contracts agreed on or after 1 April 2022, as well as variable and flexible tariffs and contracts. To deliver the scheme the Government has set a “Supported Wholesale Price” – expected to be 21.1p per kwh for electricity and 7.5p per Kwh for gas. The scheme will apply to energy usage from 1 October 2022 to 31 March 2023 for businesses and will be reviewed in three months to inform decisions on future support after March 2023.

However, industry leaders have also said that the Chancellor’s economic plan failed to address business rates or VAT cuts that are needed to support the high street. The consensus view is that whilst much of the Chancellor’s statement was welcome, more support is needed for parts of the economy heavily hit by the pandemic and likely to come under pressure from households stretched by the rising cost of living.

Money notes

The Association of Convenience Stores (ACS) chief executive, James Lowman, said: “We welcome that the government’s plan aims to stimulate growth and incentivise investment by businesses. In the last 12 months local shops have invested £605million in improving services, making their businesses more sustainable, and creating secure local jobs.”

However, retail leaders also called for action on business rates before large bill increases are expected to take place next year.

Helen Dickinson, chief executive of the British Retail Consortium (BRC), said: “Retailers are facing immense cost pressures, not just from energy bills, but also a weak pound, rising commodity prices, high transport costs, a tight labour market and the cumulative burden of government-imposed costs.

“Yet what was missing from today’s announcement, was any mention of business rates, which are set to jump by 10% next April, inflicting another £800m in unaffordable tax rises on already squeezed retailers.

“It is inevitable that such additional taxes will ultimately be passed through to families in the form of higher prices.”

Experts at Altus Group predicted that total business rates bill are due to jump by more than £5.3 billion once the end of discounts for retail, leisure and hospitality firms are also taken into account.

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