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94% independent retailers urge government to ‘preserve UK high streets’

10 Nov 2022

A new report by Ankorstore and retail consultant Mary Portas has found that 94% of independent retailers want the government to act in next week’s budget to preserve the UK’s high... Read more…

Celebrate independent shops, artists, makers & small businesses with JUST A CARD - INDIE WEEK 21-25 November 2022 The colourful, independent alternative to Black Friday!

10 Nov 2022

Now in its sixth year, JUST A CARD - INDIE WEEK encourages people to support, value and buy from independents during the crucial Christmas retail period. Many independent businesses are finding... Read more…

bira offers guidance on energy bill relief scheme

9 Nov 2022

bira has been offering guidance to retailers on how to take advantage of the Government’s energy bill relief scheme.
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Indie retailers – get ready to capitalise on World Cup opportunity

8 Nov 2022

The world’s largest brewer, Budweiser Brewing Group, has suggested that the World Cup, which kicks off in Qatar on November 20th, could see a possible 13.5% increase in off-trade sales,... Read more…

Black Friday consumer spending forecast to drop 50% this year

7 Nov 2022

Figures from research conducted by global marketing agency Wunderman Thompson Commerce suggested consumers are set to spend up to 50% less than usual this Black Friday, November 25th.
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Cycling Industry News launches annual Market Study

3 Nov 2022

Cycling Industry News’ sixth annual Market Study has today gone live with independent retailers, workshops and mobile mechanics invited to take part by clicking here.
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More cycle routes would be good for drivers, says AA President

1 Nov 2022

AA President Edmund King has told the Daily Telegraph that more cycle routes would be good for drivers, as encouraging motorists to take fewer journeys by car could cut household fuel... Read more…

Government urged to protect £4 billion worth of active travel investment

31 Oct 2022

Sustrans has announced that it has joined together with other organisations representing active travel, motoring, road safety, the environment and business leaders to urge the UK government to... Read more…

Cautious welcome from business leaders for new PM Sunak

26 Oct 2022

As the economic clouds darken, business leaders have tentatively welcomed the arrival of Rishi Sunak as the country’s new prime minister.
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Cytech training Scotland Kick-Off on the 27th October at Bike For Good Glasgow in the West End Hub

25 Oct 2022

Glasgow, Scotland - Bike for Good is proud to bring the internationally recognised training and accreditation scheme for bicycle technicians to Scotland for the first time. The first Cytech... Read more…

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Retail industry reacts to Chancellor’s mini budget

Posted on in Business News, Cycles News

Following the Chancellor’s mini-budget last week, the retail industry has been reacting to the support package for small businesses and independent shops….including some of the items conspicuous by their absence.

Following Kwasi Kwarteng’s statement, the Government provided further details to its plans to help cut energy bills for businesses through the new government Energy Bill Relief Scheme. The Government will provide a discount on wholesale gas and electricity prices, and it will apply to fixed contracts agreed on or after 1 April 2022, as well as variable and flexible tariffs and contracts. To deliver the scheme the Government has set a “Supported Wholesale Price” – expected to be 21.1p per kwh for electricity and 7.5p per Kwh for gas. The scheme will apply to energy usage from 1 October 2022 to 31 March 2023 for businesses and will be reviewed in three months to inform decisions on future support after March 2023.

However, industry leaders have also said that the Chancellor’s economic plan failed to address business rates or VAT cuts that are needed to support the high street. The consensus view is that whilst much of the Chancellor’s statement was welcome, more support is needed for parts of the economy heavily hit by the pandemic and likely to come under pressure from households stretched by the rising cost of living.

Money notes

The Association of Convenience Stores (ACS) chief executive, James Lowman, said: “We welcome that the government’s plan aims to stimulate growth and incentivise investment by businesses. In the last 12 months local shops have invested £605million in improving services, making their businesses more sustainable, and creating secure local jobs.”

However, retail leaders also called for action on business rates before large bill increases are expected to take place next year.

Helen Dickinson, chief executive of the British Retail Consortium (BRC), said: “Retailers are facing immense cost pressures, not just from energy bills, but also a weak pound, rising commodity prices, high transport costs, a tight labour market and the cumulative burden of government-imposed costs.

“Yet what was missing from today’s announcement, was any mention of business rates, which are set to jump by 10% next April, inflicting another £800m in unaffordable tax rises on already squeezed retailers.

“It is inevitable that such additional taxes will ultimately be passed through to families in the form of higher prices.”

Experts at Altus Group predicted that total business rates bill are due to jump by more than £5.3 billion once the end of discounts for retail, leisure and hospitality firms are also taken into account.

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