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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.

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...

25 Oct 2022

Together with our partners at V12 Retail Finance, we are highlighting the FCA Consumer Duty and the four key outcomes that the FCA will be looking for authorised businesses to adhere to.

24 Oct 2022

New research has indicated that UK shoppers could spend £4.4bn less on essentials ahead of Christmas – a 22% drop as the rising cost of living impacts on disposable income.

20 Oct 2022

VOLT today announces the launch of a collaboration with Deliveroo, the food delivery company, to trial subsidised e-bikes for a group of riders across the UK.

20 Oct 2022

Cycling charity Cycling UK has renewed its call on the Government to close the loophole in the law which allows people to escape driving bans.

19 Oct 2022

Rouleur Live is Rouleur magazine brought to life, bringing together the best guests and the finest brands to offer consumers a truly unique celebration of cycling culture in London this...

18 Oct 2022

People are looking to reduce their fuel spending by taking more journeys by bike, with as many as 30 per cent excited to rediscover two-wheeled journeys, according to a study by online cycling...

17 Oct 2022

The new Chancellor of the Exchequer, Jeremy Hunt, has confirmed in a statement that the Energy Bill Relief Scheme for businesses will continue to the end of March 2023 as planned.

14 Oct 2022

The Department for Business is asking all businesses to respond to a survey on energy bills and the impact increased costs are having on your business. The IRC is similarly urging members to...

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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