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11 Oct 2022

The British Chamber of Commerce’s Quarterly Economic Survey (QES) for Q3 2022 shows a significant decline of key economic indicators, with weakening structural business conditions and... Read more…

UK retail sales growth at its lowest since Covid-19 lockdowns ended

10 Oct 2022

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6 Oct 2022

To coincide with Cycle to School Week, Sustrans has been calling on local authorities and Central Government to guarantee protected cycle lanes on main road routes to schools.
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Government accused of not consulting cycling bodies over National Trail overhaul plan

5 Oct 2022

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FCA to hold webinar on new Consumer Duty

5 Oct 2022

The Financial Conduct Authority has confirmed plans to introduce a new Consumer Duty that will set higher and clearer standards of consumer protection across financial services and require firms... Read more…

Three quarters don’t expect police to bother investigating bike thefts

4 Oct 2022

More than three quarters of British people do not believe the police would bother to investigate instances of bicycle theft, a new YouGov survey has found.
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Paper £20 and £50 Notes No Longer Legal Tender

4 Oct 2022

Paper £20 and £50 notes are no longer legal tender.
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Indie retailers doubt Liz Truss will help the high street

29 Sep 2022

New research from Ankorstore, an online B2B platform that connects brands and shops in Europe, has shown that independent retailers are relying on the support of local shoppers, rather than the... Read more…

Retail industry reacts to Chancellor’s mini budget

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... Read more…

Indie Bookshops gear up for Bookshop Day

26 Sep 2022

Bookshop Day – the annual celebration of bookshops big and small taking place across the UK and Ireland – is coming up on Saturday 8 October and in many parts of the country plans... Read more…

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Retail industry reacts to Chancellor’s mini budget

Posted on in Business News, Cycles News

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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