April 20, 2024
Apparel, Fashion, Retail

UK’s Latest Budget Will Not Help Fashion Retail Industry: BRC

Responding to UK’s budgetary announcement, UK apparel retailers and trade bodies said the latest budget will not help the fashion retail industry.

On the other hand the UK government claimed its latest budget delivers lower taxes and more investment.

The British Retail Consortium (BRC) in a statement said the budget will do nothing for retailers and their customers in the UK.

“The cost-of-living crisis has taken a toll on businesses and households. Consumer confidence remains low and retail sales volumes in 2023 were the lowest in four years,” BRC CEO Helen Dickinson said.

BRC welcomed the cut in national insurance and said it might go some way towards supporting households, but added that spectre of higher inflation could return, limiting benefits of this policy.

“Consumer confidence is low and 2023 retail sales were lowest in four years. Yet the Chancellor has done little to promote growth and investment, instead hindering it with the business rates rise in April,” Dickinson added.

“The UK remains the only European economy without a tax-free shopping scheme, meaning we are missing a golden opportunity to boost tourism and spending across the country,” she stated.

“Tax-free shopping not only convinces tourists to buy more, but it also attracts shopping tourism, supporting businesses and jobs in the UK,” Dickinson informed

“There are clear missed opportunities especially in an election year and is an utter disappointment,” Scott Parsons, COO at Unibail-Rodamco-Westfield, which owns several UK shopping malls also said.

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