Indie retailers urge Truss to immediately address economic challenges

The British Independent Retailers Association has called on Prime Minister Liz Truss to immediately address the economic challenges facing the country.

In an open statement to the UK’s new leader, Bira’s chief executive Andrew Goodacre urged her to look at support for the high street and deliver.

“We hope that as well as campaigning to secure the votes, the new prime minister has also been working on plans to address the immediate economic challenges, both short term and medium term,” Goodacre said.

“BIRA has been raising concerns since last October and we have continued to work with government departments to help them understand the challenges faced by retailers and the high street in general.”

He outlined several support measures to be delivered in the short and medium term:

1. Financial support to the smaller retailers who are facing 50 per cent increases in energy costs. The new prime minister needs to bring forward a COVID-19 type response by introducing a 100 per cent rates relief for the rest of this tax year.
2. Improving consumer confidence for the all important final quarter of the year. To do this the government needs to give certainty to the energy bills being paid with no more increases. This will allow households (and businesses) to budget and plan ahead.
3. Consider reducing VAT as another way of stimulating demand.
4. In the medium term the government needs to introduce a grant or loan system that encourages smaller businesses to invest in energy saving technology, therefore reducing the demand for energy. This could also be done in the form of tax breaks and wholesale reform of the business rates system.

Goodacre added: “Independent retailers are integral to high streets. High streets are integral to communities and so they need support and protection form this toxic economic situation. For many smaller retailers, Covid-19 has drained them of cash and we must not let perfectly viable businesses disappear from the communities they serve.”