The British Independent Retailers Association has called on the new chancellor Jeremy Hunt to help find clarity and certainty for independent traders.
Mr Hunt, the former health and foreign secretary was today appointed to the post following Kwasi Kwarteng’s sacking.
“It’s now a very uncertain time following news of the sacking and the government’s U-turn on the recent Mini Budget,” said Jeff Moody, Managing Director of BIRA Direct.
“Both events have led to a further lack of certainty and clarity for Independent Retailers in this the Golden Quarter, which is when most retailers look to earn the profits to keep them in business.
“Non-food sales have decreased again by four per cent in total but increased by 2.2 per cent in store, but with retail price inflation of 10 per cent this is still a drop in volume of products sold. So, we are still seeing real decline in non-food retail before this uncertainty of today.
“BIRA believes that reverting to the new proposed 25 per cent Corporation Tax will reduce the unfunded £43b of tax cuts by some £17b. Part of this money should be targeted at reducing the Business Rates for the High Street. The business rate multiplier rate has increased for small business from 41.4p in 2010 to 50.4p in 2022 which is ludicrous given the pressures that small retailers are facing,” he said.
Mr Moody added that BIRA was asking for clarity so retailers can plan and invest for the future, and uncertainty was not helping.
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