01 January 0001

Bira’s Autumn Statement Asks

As well as increasing interest rates to the highest level for years, the Bank of England has delivered a very gloomy forecast for the UK economy, predicting a long recession and rising unemployment, and its against this backdrop that the Chancellor is delivering the Autumn Statement on the 17th November.

We are already being told that it will be difficult, but BIRA is campaigning hard to convince the Chancellor that independent retailers and high streets need support during this period.

We are asking for:

  1. The Retail, hospitality and leisure discount to be retained at 50% for 2023/2024
  2. The full value of any reduction in ratable values for the ongoing rates revaluation (currently being done) to be passed on to businesses on the high street
  3. Continued support with energy costs after March 2023 (when the current support package comes to an end)
  4. A new approach to apprenticeships to make it easier to recruit people into retail – a sector that can offer significant career development
  5. A sensible approach to the new Minimum Wage due to be announced shortly and effective from April 2023
  6. Tax allowances to encourage investment in the business, especially regarding energy-saving equipment

Banks also have a crucial role to play in this, especially as they were bailed out only a few years ago. We need banks to work with businesses through this difficult period rather than making life harder for them with higher overdraft rates, etc.

It is undoubtedly going to be a challenging period for all businesses, and a time for everyone to work and pull together.  BIRA will be doing all it can to enable you to succeed through this period and beyond.

If you would like to share your views, please contact us at membership@bira.co.uk or comment on our social media posting of this story using the links below:

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