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2 Feb 2023

Taking place from 21st-23rd April 2023 at the iconic Alexandra Palace venue in North London, The Cycle Show brings together a variety of exhibitors from the cycle and e-mobility sectors, aimed...

2 Feb 2023

Glasgow-based cycling charity Bike for Good, which is responsible for delivering the internationally renowned Cytech training and accreditation scheme for bicycle technicians and enthusiasts in...

30 Jan 2023

VOLT e-bikes today announces it is partnering with TFL for the ULEZ scrappage scheme to help eligible riders join the e-bike revolution. VOLT is offering exclusive purchase discounts this month...

30 Jan 2023

The number of shops lying vacant on British high streets fell during the final three months of 2022, despite pressure on both companies and consumers from the rising cost of living.

26 Jan 2023

The rapid growth in the use of Buy Now Pay Later (BNPL) services risks becoming the UK's next 'credit trap' scandal, a loan provider has warned.

25 Jan 2023

Under the banner of CONEBI, the Confederation of the European Bicycle Industry,15 national bicycle industry associations and 68 companies have become signatories to a self-commitment to prevent...

23 Jan 2023

As Glasgow gears up to host the 2023 UCI Cycling World Championships, community groups have been given a share of more than £160,000 to boost bike use in the city.

23 Jan 2023

British Cycling has published new research, which shows the rising popularity of off-road e-bikes and electric mountain bikes (e-MTB’s) and highlights the need for improvements to cycling...

18 Jan 2023

The article reports that, in 2021, Halfords saw its annual cycling sales double and stocks dry up. However, by the middle of 2022, it says, warning signs were appearing as inflation and supply...

16 Jan 2023

Weston-super-Mare seems to be one town in the UK bucking the national trend, with new shops opening and businesses reporting an increase in trade, according to a report by Bristol Live.

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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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