The British Independent Retailers Association (Bira) has set out some high expectations from the government this week ahead of its 2023 Autumn Statement announcement on Wednesday 22 November.
CEO Andrew Goodacre says PM Rishi Sunak has some tough hurdles to overcome in order to create positive impact on the high street. With this in mind, the industry association has set out a series of proposals it believes could help save struggling small businesses. Its suggested measures include retaining the current business rates discount and introducing a corporation tax allowance.
“With the November budget approaching, we are eager to express our expectations and hopes for the forthcoming policies that will significantly impact the retail sector,” says Goodacre. “We believe that the proposed measures can pave the way for a robust and sustainable economic recovery, benefiting both businesses and consumers alike and we wish for the government to stand up and take note of the following requests from us to help rebuild our high street.”
BIRA’S PROPOSED MEASURES
Business Rates
“It is imperative that the government considers retaining the current retail discount at 75 per cent for businesses with a rates payable value of up to £110,000 per annum. To promote a stable business environment, we urge the freezing of the rates multiplier, along with the implementation of measures that provide certainty to businesses, fostering an environment conducive to investment. Making the current rates discount permanent would be a significant step in this direction.”
Corporation Tax
“We advocate for the introduction of an allowance in corporation tax similar to the system implemented for income tax. This move will be instrumental in supporting businesses, ensuring their sustained growth and contribution to the overall economic landscape.”
Tax-Free Shopping
“Reintroducing tax-free shopping is critical to stimulating retail activity, not only in major urban centres but also in all tourist destinations across the country. By reinstating this system, the government can foster increased spending, catering to the rising number of tourists and promoting economic resilience within the retail sector.”
National Minimum Wage and Employer Support
“Recognising the upcoming increase in the National Minimum Wage, we emphasise the necessity of a proportional increase in the employer’s national insurance allowance by 20 per cent. This adjustment will provide essential support to businesses, enabling them to manage costs and maintain a balanced operational framework.”
Business Grants for Sustainability
“Bira strongly advocates for the continuation of business grants designed to support small enterprises in implementing energy-saving investments. Independent retailers are committed to fostering sustainability, and adequate government assistance in this area will play a pivotal role in facilitating their efforts.”
Bira is committed to working collaboratively with the government and relevant stakeholders to ensure that the proposed measures align with the collective interests of the retail industry and broader business community.
Bira is at the forefront of championing the cause of independent traders and shopkeepers across Britain. With a dedicated focus on revitalising and preserving the high street, it relentlessly campaigns on their behalf. Its advocacy takes the industry’s collective voice to the halls of Parliament and into discussions with key stakeholders, where it represents the interests of small and independent businesses.
Its campaigns cover a wide spectrum of issues crucial to the success of independent traders. From combatting the rising tide of retail crime to advocating for changes in legislation that promote fairness and flexibility, it aims to leave no stone unturned. Bira is a staunch advocate for fairer business rates and reducing the regulatory burden that can stifle small businesses’ growth potential. Through its efforts, it strive to ensure that high streets continue to thrive and serve as a vibrant hub for local businesses.