Ahead of the UK’s Autumn Budget on 30th October, ACS has made its submission to the Treasury, imploring the Chancellor to create conditions that enable retailers to invest in their businesses.
The submission outlines the challenging few years that retailers have faced, contending with rising inflation, soaring energy costs, a tightening labour market and a surge in theft and violence towards shopworkers. Despite these obstacles, convenience retailers have shown remarkable resilience. In the past year, convenience retailers have invested over a billion pounds in their businesses, demonstrating their commitment to continuing to provide essential goods and services to their communities. However, to sustain or grow this level of investment, they need the right economic environment that supports their ongoing efforts and development.
In setting out recommendations to the Treasury, ACS has outlined proposals that not only support convenience retailers but also align with the Government’s five missions. These proposals are designed to be financially sustainable, ensuring they can raise more revenue for the Treasury while fostering economic stability and growth.
Recommendations (some of which refer to devolved issues) made in ACS’ Autumn Budget submission include:
- Increase the employer NICs threshold to £185 and uprate it each year
- Maintain small business rate relief and the 75% retail and hospitality relief
- Introduce an alternative rating methodology for online distribution warehouses
- Ring fence revenues from the upcoming vaping products levy to fund local enforcement
ACS chief executive James Lowman said: “Convenience retailers have weathered the storm of increasing costs, higher inflation and spikes in their energy bills. It is important that we continue to support these businesses to invest, as they are essential to local growth and significant contributors to the UK economy. Much of the investment being made in stores is in a wider range of services, which bolsters their role as part of the universal basic infrastructure that every successful community needs.”
