Ahead of the Budget on 30 October, and Bira’supcoming Annual Conference next month, the British Independent Retailers Association (Bira) is readying to address critical issues facing the UK’s high streets.
The plea comes amid statistics from PwC, revealing that the UK retail sector faced net closures of 12 outlets per day in the first half of 2024, resulting in 2,284 fewer high street, shopping centre, and out-of-town stores.
In a submission to the Treasury, Bira has urged the government to freeze the small business multiplier at 49.9p and continue the Small Business Rate Relief (SBRR) scheme, and maintain the RHL relief payment at a 75% discount until the wholesale reform of business rates is completed. These measures are seen as vital lifelines for independent retailers struggling in a challenging economic climate.
“Business rates reliefs have been a crucial support mechanism for years, and they’ve never been more needed than now,” says Andrew Goodacre, ceo of Bira. “We are deeply concerned that the new Labour government might not extend the RHL relief in its efforts to address the £22 billion deficit in the UK’s finances. However, any increase in rates payable by smaller high street businesses would be catastrophic for our sector, threatening their ability to sustain operations and invest in growth.”
He added: “If this rates relief comes to an end, coupled with the likely 6% increase in the National Living Wage, many independent retailers will face an existential crisis. Bira is calling on the Chancellor to live up to her conference speech where she stated that ‘high street businesses breath new live into communities’ but ‘high street businesses are punished by an outdated system of business rates’.”
The Association believes the Chancellor can only make this happen by retaining these reliefs that are not just about supporting individual businesses, but also maintaining the vibrancy and diversity of UK high streets, which play a crucial role in local economies and communities.”
Bira said it awaits the Budget and is hoping for a clear signal of support for the independent retail sector from the new government.
Top: Bira has concerns about how the October Budget will affect retail.
