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Decision in UK budget to attract investment in retail: BRC
Nov '17
Decision in UK budget to attract investment in retail: BRC
British finance minister Philip Hammond’s announcement in his budget that the move from retail price index (RPI) to consumer price index (CPI) indexation will be brought forward by two years to 2018 is the result of a campaign led by the British Retail Consortium (BRC), CEO Helen Dickinson has said. The step will attract investment in retail, she said.

It is clear that Hammond, also referred to as chancellor of the exchequer in the United Kingdom, has listened to the retail industry that favours action to mitigate rising rates bills, she said.

The decision will unleash investment in retail that is particularly critical at a time when shoppers’ disposable income is being squeezed further and the growth projections for the economy have been downgraded, a BRC press release quoted her as saying.

Praising the three yearly revaluations introduced, she also welcomed the government’s approach to the National Living Wage for 2018.

“Maintaining productivity gains remains crucial to sustaining this wage growth as employers contend with recent and upcoming changes to statutory employment costs. Therefore, it’s important that future increases continue to be moderate to reflect this and are subject to a fully independent Low Pay Commission,” she added.

Top British retail company CEOs had earlier urged Hammond for a decisive action to reduce the business rates burden. A reduction in business rates burden could boost investment plans, including in new or refurbished stores, especially those in less economically viable locations.

Business rates in the United Kingdom were higher than anywhere in the 35-member Organisation for Economic Co-operation and Development and had played a key role in discouraging local investment, BRC had said. (DS)

Fibre2Fashion News Desk – India

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