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The ACT and other IRC members meet with under-secretary of state Paul Scully MP to discuss the future on independent retail

7 Dec 2020

The meeting topics evaluated any lessons that we have so far learned from national lockdowns and ways in which we can move forward from this using government support.
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Indie Retail partners with The Behaviours Agency to create free posters encouraging shoppers to wear face coverings in stores

2 Dec 2020

A refreshed suite of posters developed to support retailers in encouraging shoppers to wear face coverings using behavioural science techniques. The posters are available free of charge for... Read more…

Three local bike shops commended in Best Small Shops competition 2020!

2 Dec 2020

Independent bicycle retailers in Bradford, Ipswitch and York have all been commended in this year's search for the Best Small Shop of 2020!
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Pablo Escobar's brother sues Europe's most valuable fintech company for millions

27 Nov 2020

Recent events have once again highlighted the growing concerns centred on the UK's growing use of Buy Now Pay Later (BNPL) services.
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Worcester home and gift shop named as Britain's Best Small Shop of 2020

26 Nov 2020

A family run, independent, home and gift shop in Worcester has been named as Britain's Best Small Shop of 2020.
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Government Spending Review: The most relevant Spending Review policies to independent retailers

25 Nov 2020

The Chancellor presented his Spending Review to Parliament today settingout the Government's departmental spending plans for the year ahead andresponse to Coronavirus (Covid-19).
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IRC seeks extension to retailer eviction protection in Westminster Hall Debate

19 Nov 2020

IRC member enters debate to seek an extension to the moratorium onevictions within the Coronavirus Act 2020. Can you help us... Read more…

Indie Retail UK partners with TraffikFlo to help independent retailers manage social distancing

19 Nov 2020

Indie Retail are delighted to announce a partnership between themselves and the app-controlled window display sign TraffikFlo, enabling more shops to simply and effectively manage social... Read more…

BA Issues Open Letter Calling on Government to Reclassify Bookshops as Essential Retailers

10 Nov 2020

The Booksellers Association (BA) has today written to key government Ministers and selected Lords letter calling on the Government to classify bookshops as essential retailers therefore... Read more…

Black Friday spending expected to increase to £6 billion

9 Nov 2020

The overall spend across the UK will increase by £400 million from £5.60 billion projection in 2019
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Government Spending Review: The most relevant Spending Review policies to independent retailers

Posted on in Business News, Cycles News, Political News

The Chancellor presented his Spending Review to Parliament today setting out the Government's departmental spending plans for the year ahead and response to Coronavirus (Covid-19).

The full Spending Review documents are available here.

 

‘The economic emergency has only just begun'

 

Office for Budget Responsibility Highlights Economic Impact of Covid-19

The Office for Budget Responsibility (OBR) predicts that the UK economy will contract by 11.3%, the largest fall in output for 300 years. It suggests that the economy will not recover to pre-crisis until the fourth quarter of 2022. Beyond this, Covid-19 will bring long term scarring effects with the 2025 economy being around 3% smaller than suggested in the March Budget. The OBR notes that borrowing is at its highest recorded amount in UK peacetime, with £394 billion borrowed equating to 19% of UK GDP, the UK Government highlights this is significant but necessary. The OBR confirmed on a more positive note that our economic response has protected jobs, supported incomes and helped businesses staying afloat during unprecedented times. The OBR has found that business insolvency has decreased on last year and unemployment is lower than many European countries including France and Germany, as well as the United States. The OBR fiscal and economic outlook is available here.

 

National Living Wage to Increase by 2.2% to £8.91 in 2021

As part of the Spending Review the Chancellor confirmed that the Government have accepted the Low Pay Commission recommendations for the National Living Wage in 2021. The National Living Wage will increase to £8.91 from April 2021. The National Living Wage will also be extended to colleagues that are 23 and 24 years old (currently only for 25 year olds). The 21 to 22 year Old Rate will increase by 2.0% to £8.36. The Government's long term target for the National Living Wage remains in place but the Low Pay Commission will continue to review the pathway to this target. In a letter to the Business Secretary the Low Pay Commission said: "we do not recommend a change to the Government's target of reaching two-thirds of median earnings by 2024, and the Commission remains fully committed to the goal of ending low pay. The increase we recommend is broadly in line with predicted wage growth, meaning progress against the Government's ambition may continue."


Business Rates Multiplier Frozen for 2021-22

The Spending Review documents confirm that the Government will freeze the Business Rates Multiplier for 2021-22, saving business £575million over the next five years. The Spending review also states that the government will clarify their position on the extension of the business rates holiday early next year: "In order to ensure that any decisions best meet the evolving challenges presented by Covid-19, the government will outline plans for 2021-22 reliefs in the New Year".

 

Funding For Safer Streets

The Chancellor announced that the Government will provide an additional £400m to recruit new police officers as part of the Government's commitment to recruit 20,000 officers by 2023. 5,000 of the target of 6,000 officers have already been recruited this year and the additional funding will provide a further 6,000 by the end of 2021-22. Police and Crime Commissioners (PCC) in England will have flexibility to increase funding in 2021-22 with a £15 council tax precept. If all PCCs take advantage of this, it would raise up to an additional £320m. The Spending Review confirmed increased funding for the Criminal Justice System, with more than £4bn over the next four years to deliver 18,000 additional prison places across England and Wales. There will be £275m available to manage the downstream demand impact of the additional police officers in the courts and £40m to support victims of crime as well as continued funding to progress probation reform and reduce reoffending.

 

Support for Labour Market: Restart Programme

The Chancellor announce £3.6 billion of additional funding in 2021-22 for the Department for Work and Pension to deliver labour market support. This includes funding for the a new 3-year long £2.9 billion Restart Programme to provide intensive and tailored support to over 1 million unemployed people and help them find work and a work search support measures announced in the Plan for Jobs.

 

New Levelling Up Fund Announced

The Government is launching a new Levelling Up Fund worth £4 billion for England, that will attract up to £0.8 billion for Scotland, Wales and Northern Ireland. This will invest in local infrastructure that has a visible impact on people and their communities and will support economic recovery. This will invest in local infrastructure that has a visible impact on people and their communities and will support economic recovery. The Government will publish a prospectus for the Fund and launch the first round of competitions in the New Year.

 

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