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7 Feb 2025

ACT parent company Bira has warned that retailers across Britain face troubled times ahead despite today's Bank of England interest rate cut to 4.5%, as the Bank halves its growth forecast for...

4 Feb 2025

The ACT and legal partner WorkNest are hosting an exclusive webinar on how to remain compliant with employment law while making necessary business changes.

31 Jan 2025

New independent research has confirmed OEM e-bikes are effectively exempt from risk of battery fires, with unsafe post-purchase replacement batteries, conversion kits, and other equipment that...

31 Jan 2025

The UK Government has decided not to go ahead with proposals to increase the maximum power output of e-Bikes to 500W and to permit throttle assistance following a lengthy consultation process.

23 Jan 2025

ACT parent company Bira is calling for urgent government intervention following disappointing December retail figures, which show sales volumes fell by 0.3% following a modest 0.1% rise in...

22 Jan 2025

Cytech's Australian training provider The Bicycle Academy,  which delivers their courses in Brisbane, Sydney, Melbourne, Adelaide and Perth, paid visits to UK Cytech centres late last year...

21 Jan 2025

The ACT is set to deliver a seminar at both the North and South iceBike* events discussing the current challenges and opportunities facing the UK cycle industry.

17 Jan 2025

The ACT has teamed up with employment law, HR, and health and safety experts WorkNest as the association's new legal partner.

10 Jan 2025

The ACT have presented a formal complaint to the BBC, with Director Jonathan Harrison claiming the program was misrepresentative and made "incorrect claims about regulations".

9 Jan 2025

ACT parent company Bira has warned that disappointing footfall figures for December show mounting pressures on independent retailers, with concerning implications for 2025 as business costs...

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Cautious welcome from business leaders for new PM Sunak

Posted on in Business News , Cycles News , Outdoor News, Political News

As the economic clouds darken, business leaders have tentatively welcomed the arrival of Rishi Sunak as the country’s new prime minister.

Rishi SunakThis follows indicators showing optimism among business leaders falling this month to its lowest level since April 2020, during the first lockdown of the Covid pandemic. Rising inflation, a period of political uncertainty and increasing borrowing costs, which impacted on growth potential, were to blame.

Jeff Moody Commercial Director of bira said: "We welcome the news that Rishi Sunak is the new British Prime Minister, and we hope this ends the period of uncertainty for businesses and the country as a whole.

"Anything that will stabilise financial markets and improve consumer confidence will help the High Street in such a vital trading period is key and we hope that they restore the much-needed confidence in the financial market after so many weeks of turbulence.

"Now we ask for the Prime Minister and his cabinet to concentrate on reducing the cost burden now with prompt support for business on energy and tax burdens but also in the long term by committing to reducing the rates burden on 'Bricks and Mortar' retailers to prevent further closures announcements," he added.

Tony Danker, the director general of the CBI, said the former chancellor had a “track record of seeing the economy through difficult times” during the Covid pandemic.

“He is now coming in at a time of great uncertainty with tough choices ahead. The new prime minister can lose no time in easing the impact of market turmoil on households and firms and helping to restore fiscal credibility.”

Shevaun Haviland, director general of the British Chambers of Commerce, said his appointment came after a “hugely damaging” few months of political and economic uncertainty. “We cannot afford to see any more flip-flopping on policies – the UK’s businesses need a sustainable, long-term economic plan they can believe in.”

Helen Dickinson, Chief Executive at the BRC, said that with consumer confidence at historically low levels, the new Prime Minister “will need to provide certainty to households and support them through the cost-of-living crisis.”

“Retailers are playing their part in supporting their customers, shielding them from the worst of rising costs resulting from a weaker pound, tight labour market and war in Ukraine. However, these efforts are threatened by the £800m bombshell of additional business rates that will hit retailers in April – a 10% rise that far outstrips sales growth over the last year. To support consumers at this difficult time, government should freeze business rates and reform the broken transitional relief system, or it will be households that pay through higher prices,” she added.

 

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