UK govt must do more to limit oncoming regulatory burdens: BRC

17 Mar '23

2 min read

Pic: Shutterstock

Many UK businesses are weighed down by a myriad of higher supply chain costs and the government must do more to limit oncoming regulatory burdens heading down the track—one of the biggest drags to retail investment—or risk a crash in business investment and further inflationary pressures, Helen Dickinson, chief executive of the British Retail Consortium, said reacting to the spring budget.

“The Chancellor understands the need to train people to re-enter the workforce, yet he missed a key opportunity to fix the issues with the Apprenticeship Levy system that would support this very goal. Over the last three years, businesses have lost £3.5 billion in unused Levy funds,” Dickinson said.

“To break this cycle of wasted investment, it is vital that [the] government allows businesses to use their hard-earned Levy funds for a wider array of skills courses. Without spending a penny, the Chancellor would increase investment in our workforce, helping businesses to prepare the UK economy for the skills it needs,” she added.

“Almost half of businesses have told us they will struggle to pay their energy bills from April, and they cannot invest when they are fighting to survive. There is little in today’s announcement that will provide comfort to these firms,” Shevaun Haviland, director general of the British Chambers of Commerce, said.

“The government failed to reform business rates which we have repeatedly called for. If the UK’s innovative growth industries are to remain competitive on the world stage, then [the] government must shift the dial further on investment, both within the UK and from overseas,” she added.

Fibre2Fashion News Desk (DS)

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