UK BRC seeks clarity on govt intentions to realise inflationary impact

“One immediate way the government can help retailers support their customers is to freeze the business rates multiplier for all retail businesses for the next financial year, protecting the industry from rates increases linked to inflation, and giving greater scope to hold down prices, protect jobs and support the economy,” BRC chief executive Helen Dickinson said in a statement.

“Retailers continue to play their part, keeping prices as low as possible and helping households by offering discounts to vulnerable groups, expanding value ranges, raising staff pay and offering reduced-cost or free children’s meals. The retail industry is ready to work with the new government to shore up consumer confidence and help deliver economic growth,” she added.

As Truss inherits the prime minister’s chair, the UK economy is set to enter recession before the year ends, with double-digit inflation projected to rise further. She promised to cut taxes during her campaign and pledged to reverse a recent hike in workers' insurance contributions that fund the public health service and welfare payments.

She has also proposed to do away with taxes on fuel that pay for the transition to cleaner energy. She backs the UK's ambition to achieve carbon neutrality by 2050, wants more energy to come from the North Sea and supports the current UK government policy on investment in nuclear power and renewables.

She has also promised to do away with all European Union law from the UK statute book to help ‘turbocharge’ growth.

Fibre2Fashion News Desk (DS)