Independent retailers warn Spring Statement missed opportunity as geopolitical tensions threaten high street recovery
Posted on in Business News , Cycles News
ACT parent company Bira has warned that the Chanellor's Spring Statement offered no new support for high street businesses, as rising tensions in the Middle East threaten to push up energy and supply costs.
The association said the Chancellor's growth forecasts were at odds with the reality facing independent retailers, including those in the cycling sector, with no measures announced beyond the pub-only business rates relief already confirmed for April.
Andrew Goodacre, CEO of Bira, said independent retail was already under significant pressure before yesterday's statement.
Andrew Goodacre, CEO of Bira, said: "The Chancellor spoke about building growth in every part of Britain and more money in consumers' pockets to spend on the high street, but independent retail has been more challenging than ever over the past few months," said Mr Goodacre. "Those words need to be backed by action."
Mr Goodacre said Bira was monitoring the Middle East situation closely, warning that rising oil and gas costs during this type of conflict had historically hit small businesses hard.
"We were caught off guard by the impact of the Ukraine conflict on energy costs, and we are calling on the government to act now to protect businesses before history repeats itself," said Mr Goodacre. "Our biggest concern is what this uncertainty does to consumer confidence and therefore consumer spending - and that is the last thing our members needed right now."
Bira has consistently called on the government to extend business rates relief beyond pubs to all independent high street retailers, including IBDs that experience the same economic pressures as the pubs receiving this additional support.