With inflation figures at a 40-year high, Bira (British Independent Retailers Association, representing independent cookshops and housewares stockists) is calling for a reduction in business rates to support those struggling to deal with the extra costs.
In figures released today (May 18) by the ONS, rates have risen to 9% as energy bills, fuel and food prices drive up the cost of living.
In response to this news, Bira’s ceo Andrew Goodacre said: “Inflation at these levels, the highest for 40 years, is a new challenge for many independent retailers.
“Whilst there is understandable focus on the cost of living, we would urge the government not to forget about targeted support for businesses also struggling to deal with the extra costs due to inflationary pressures.”
Andrew continued: “Retailers are doing all they can to reduce the impact on prices for shoppers which means reduced profit margins for everyone. We would like to see this year’s 100% increase in business rates reversed and some way of helping businesses manage the rising costs of energy.”
Top: Bira’s ceo Andrew Goodacre pictured on a visit to an independent homewares store.
