Retailers want Budget to stimulate consumer spending
THE retail industry has submitted its recommendations to the Chancellor of the Exchequer ahead of his Budget next month.
In a submission entitled Helping Shoppers Budget the body has called on the government to, among other things, freeze business rates and ensure a fair Brexit for consumers and orderly Brexit for businesses.
Sara Jones, Head of the Welsh Retail Consortium, added: “Wales’ retailers are looking to the Chancellor’s Budget for measures which will help consumer spending take wing and stimulate private sector investment.
”With official figures showing 3,000 fewer Welsh retail jobs and 790 fewer shops since 2010, injecting some much needed confidence into the economy is paramount and should begin with keeping down the cost of living and the cost of doing business.
“The retail industry is undergoing profound change due to altering shopping habits and spiralling costs.
“Responding positively to this requires substantial outlays on digital infrastructure, a more highly skilled workforce, and revamped logistics and distribution capability.
“This is hugely challenging against a backdrop in which demand is weak, consumers are being squeezed, and governmentimposed tax and regulatory costs keep ratcheting up.
“Welsh retailers will also be hoping the Chancellor listens to those calling for the business rates multiplier to be frozen.
“Should the Welsh Finance Secretary follow this approach, a freeze in Wales could free £10m in savings for Welsh shopkeepers to spend on stores, training and other investments.”