An independent convenience store owner from East London laid bare the perfect storm that soaring retail crime and tax rises on jobs and business rates are having on him and fellow retailers during a visit from Shadow Chancellor Mel Stride on Monday (July 14).
Kay Patel, who owns Best-One Global Food & Wine, in Wanstead, and who is a member of the Federation of Independent Retailers (the Fed), said the move to increase national insurance costs by Chancellor Rachel Reeves at her maiden Budget last year are costing his family business thousands of pounds.
Stride was joined on the visit by Andrew Boff AM, Deputy Chairman of the London Assembly.
Speaking following the visit, Patel, who also owns a second shop and café in East London, said, “It was good to meet with Mel Stride and Andrew Boff to discuss the problems I am experiencing as a retailer, particularly the financial and emotional impact of theft, as well as rising direct costs like higher National Insurance Contributions and higher business rates bills since April.
“As a member of the Federation of Independent Retailers, it is very useful to be able to discuss the services my shop and others like it provide - but the challenges we face as well.”
Stride said, “Kay runs a fantastic local business - employing six people and serving his community every single day - but he’s being hammered by Labour’s reckless economic policies and their soft approach to retail crime.
“Labour’s £25 billion jobs tax alone is seeing jobs cut, wages frozen and investment put on hold. That’s no way to grow the economy.”
Andrew Boff added, “Corner shops are the foundations of our high streets - small businesses that contribute up to five million jobs and £100 billion of GDP.
"To see them struggling under the weight of crushing tax rises and police cuts should be a sign to all of us as to how dire things are becoming.
"The government needs to stop wrapping businesses up in unnecessary costs and red tape; and the Met Police need to treat shoplifting with the seriousness it warrants.”