The British Independent Retailers Association (Bira) has said it is underwhelmed with the offerings for independent businesses following today’s Spring Statement.
In today’s announcement by Chancellor Riski Sunak in the House of Commons this afternoon, he revealed the basic rate of income tax will be cut from 20p in the pound to 19p, and fuel duty will also be cut by 5pm.
In response to this news, Bira’s CEO Andrew Goodacre said: “The Spring Statement is underwhelming for indie retailers with limited help on rising costs to business. Whilst we support cuts in fuel duty and an increase in NI allowance, this not nowhere near enough to offset 300% increases in energy, 100% increase in rates and double digit increases in the cost of employment. The 1p cut in income tax is a classic diversionary tactic designed to hide a statement which is short on support for business.
“Increases in product costs are easier to pass on to consumer, but these rising overhead costs are not which ultimately means a very difficult year for small retailers,” he added.