UK retailers write to Chancellor ahead of Autumn Budget

Chief Executives of more than 60 UK retailers, along with leaders of industry bodies, have written to the Chancellor ahead of her Autumn Budget.

Signatories include bosses of major supermarkets, long-standing high street brands such as John Lewis and Boots, fast food chains and industry bodies including the Booksellers Association, British Independent Retailers Association and the British Retail Consortium.

In their letter, retailers warn of the challenges they face following more than £7 billion in new costs added by government policies in the last year, including rising employer NICs, an increase in the minimum wage, and a new packaging tax, in addition to rising costs in their supply chains. As such, businesses are calling on Chancellor Rachel Reeves not to add further pressure on the retail sector in her Autumn Budget in October.

Retailers praised plans to reduce business rates on Retail, Hospitality and Leisure; however, they warned that further tax rises could jeopardise the government’s ambitions on employment and living standards, by threatening jobs in the sector and driving up prices. The BRC estimates that around 100,000 retail jobs have been lost in the last year alone.

Concluding their letter, the retail leaders said:

“As the Chief Executives of many of Britain’s leading brands, we are determined to help deliver your growth ambitions. However, for this to be possible, the conditions for stable prices, continued investment and sustainable employment must be at the heart of this year’s Budget. We see it as a key moment for the Government to publicly buy into retail and the vital role the industry can play in helping deliver a stronger and more resilient economy for all. We look forward to working with you on this important mission.“