Support welcome, but biz rates still need fixing
March 4, 2021
Retailers' groups have welcomed the extension of support in the Budget but are still looking for a long-term fix for the business rates issue and action on consumer confidence.
“The Chancellor has listened to many of our concerns and we welcome the extension of key business funding schemes," says Helen Dickenson, CEO of the British Retail Consortium.
"This announcement provides some targeted support to struggling businesses across the country. Action to support the retail industry will be vital to reviving the economy – including business rates relief, restart grants and loans, and an extension to the furlough scheme," she said.
But longer terms, the retail industry's issue with a lack of fairness in high street business rates remains to be addressed. "The Chancellor has taken steps to avoid the business rates cliff edge on 1 April, and the three-month extension will provide essential funding at this challenging time," says Ms Dickenson.
"Without further funding, it is likely that many ‘non-essential’ retailers will struggle under sluggish consumer demand and high Covid costs. The business rates system remains broken; it is vital that the ongoing business rates review delivers on its promise to reduce the burden on retail which already results in store closures and job losses,” she said.
Paul Martin, UK head of retail at KPMG, also welcome the support moves but was also disappointed: “Measures announced today by the Chancellor recognise the devastating impact that the pandemic has had on the High Street and go some way to supporting retailers through the short-term challenges to come.
“It was disappointing not to hear the Chancellor announce any big consumer spending initiatives to help the high street out more, as we have seen other countries like China use to get their economy back on its feet. Encouraging both consumers and tourists to get out and spend from 12 April will be vital if we are to keep our high streets open," he said.
“It was disappointing not to hear the Chancellor announce any big consumer spending initiatives to help the high street out more, as we have seen other countries like China use to get their economy back on its feet. Encouraging both consumers and tourists to get out and spend from 12 April will be vital if we are to keep our high streets open," he said.
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