Support high street before businesses disappear: BIRA

A leading retailers body has called for rates relief and more funding for smaller retailers, as inflation in the country touched double digit for the first time in 40 years.  

With inflation hitting 10.1 percent in the past year up until July, the British Independent Retailers Association (BIRA) has commented on how this will be damaging the economy in general, affecting consumer confidence and ultimately consumer expenditure.

Reacting to the inflation data released on Wednesday (17), BIRA CEO Andrew Goodacre said that it is also very damaging to independent retailers who are now facing reduced demand whilst their own costs (both business and personal) are spiralling out of control.

“For example, an independent retailer has just seen a 500 percent increase in the energy bills, the sort of increase that could wipe out the profits for the year.

“Small retailers can no longer wait for the government to take action to help businesses through this crisis. All the focus is on helping households and yet businesses have been facing inflation busting increases in cost for the past two years.

“It started with supply chain disruption, and even last October we reported energy bills rising by 300 percent. We asked for support then, prior to the budget, and none was forthcoming,” Goodacre said.

Criticising the leadership “silence on business crisis”, BIRA has called on the next prime minister to provide better support for high street retailers and small businesses. 

“Whoever becomes Prime Minister has to have a plan to support the high street before businesses, livelihood and jobs disappear. In the short term I would like to see 100 percent rates relief introduced for smaller retailers, an energy price cap for businesses and more funding/ incentives for businesses to invest in greener technology and reduce energy usage.

It is disappointing to hear the silence on the business crisis from leadership debate and we need positive action now,” he concluded.