Retailers react to Liz Truss win
Liz Truss is set to become the UK’s new Prime Minister today after beating Rishi Sunak in a leadership election for the Conservative party.
Her appointment will be confirmed following her visit to Balmoral in Scotland from where Queen Elizabeth II is expected to formally approve the formation of a new government led by Truss.
Organisations representing retailers have reacted to the win by urging Truss to deliver on economic challenges by introducing a number of measures to support the sector and its customers during the cost-of-living crisis.
Helen Dickinson, British Retail Consortium chief executive, said: “Businesses need clarity on the government’s intentions as soon as possible so they can understand the inflationary impact of any policy decisions. One immediate way the government can help retailers support their customers is to freeze the business rates multiplier for all retail businesses for the next financial year, protecting the industry from rates increases linked to inflation, and giving greater scope to hold down prices, protect jobs, and support the economy.”
Meanwhile the British Independent Retailers Association has recommended that the government provide financial support to small retailers who are facing 50% increases in energy costs, reduce VAT to stimulate consumer demand, and introduce a grant or loan system to encourage smaller businesses to invest in energy saving technology.
Andrew Goodacre, chief executive of the organisation, said: “Independent retailers are integral to high streets. High streets are integral to communities and so they need support and protection form this toxic economic situation. For many smaller retailers, Covid-19 has drained them of cash, and we must not let perfectly viable businesses disappear from the communities they serve.”
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