In the run-up to Chancellor Rishi Sunak’s Spring Budget statement on Wednesday March 23, Bira (the British Independent Retailers Association, which represents independent retailers to include gift retailers) is asking for the proposed increase in business rates to be cancelled.
Commented Bira’s ceo Andrew Goodacre: “There will be real pressure on consumer spending, and we know that the costs of running a retail business is rising at a faster rate than sales,” comments Bira’s ceo Andrew Goodacre. “When the Chancellor makes his statement next week, we are therefore asking him to cancel the proposed increase in business rates and retain the amounts paid by business in 2021.”
The Association is naturally concerned about the rising costs of retail, although it has responded to the BRC-KPMG Retail Sales Monitor for February 2022 with adegree of optimism.
The findings revealed that non-food retail increased by 6.9% on a like-for-like basis over the three-months to February. In addition, in-store sales of non-food items grew 57.2% on a like-for-like basis, while online non-food sales decreased by 28.4% during February, compared with the substantial growth of 82.2% February 2021.
Added Andrew: “The UK economy bounced back in January, and better than expected. We have also seen retail sales growth in January and February with the return of people in shops and a reduction in on-line shopping.
“The recent set of figures would normally allow us to look forward with a degree of optimism. However, there is so much uncertainty at the moment, with rising inflation, rising business costs and the war in Ukraine that any optimism is shadowed by real concerns for the rest of 2022.
He predicts that there will be very real pressure on consumer spending, “and we know that the costs of running a retail business is rising at a faster rate than sale.” Andrew pointed out. “The Chancellor will be making his Spring statement next week and we are therefore asking him to cancel the proposed increase in business rates and retain the amounts paid by business in 2021.”
Top: Bira is asking Chancellor Rishi Sunak for the proposed increase in business rates to be cancelled when he delivers his Spring Budget statement on Wednesday March 23.
