UK: Retail chief reacts to Autumn Statement
05/12/2012
Chancellor George Osborne today delivered his Autumn Statement to parliament, predicting the UK would “grow” -0.1% this year, down from 0.8% predicted in the Budget.
The BRC, a trade association, has been campaigning for a freeze in business rates, after they rose 4.6% in 2011 and 5.6% this year. They are due to rise a further 2.6% next April.
“Shop vacancy numbers and retail employment are already being hit,” said BRC director general Stephen Robertson. “The Chancellor should have removed the threat of a further 2.6%, £175 million increase next April to avoid more empty shops.
“It’s welcome news that small retailers will benefit from relief for an extra year but retail CEOs tell us a third successive substantial rates hike will deliver a further blow to investment and job creation. It is not too late for the Chancellor to offer a freeze to prevent that."
However, Mr Robertson welcomed some of the Chancellor’s proposals, saying he had made some “bold moves” to reassure for the long-term.
“There were welcome measures, on fuel duty, infrastructure investment and business and personal taxes but some of these are not due until 2014. Retail sales are flat. 2013 will be another tough year. It’s retail where many young people start their working lives yet jobs in non-food retailing are actually falling. Much more needs to be done to support the retail sector in its contribution to overall growth, ” he added.
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