Spring Statement 2022 | Bira “underwhelmed” by support

The British Independent Retailers Association (Bira) has said it is underwhelmed with the offerings for independent businesses following the Spring Statement.

25 Mar, 22

The British Independent Retailers Association (Bira) has said it is underwhelmed with the offerings for independent businesses following the Spring Statement 2022.

High street sales rebound while online decline, reports Bira

Chancellor Rishi Sunak revealed the basic rate of income tax will be cut from 20p in the pound to 19p. and fuel duty will also be cut by 5p.

In response to the news, CEO of Bira Andrew Goodacre said: “The Spring Statement is underwhelming for indie retailers with limited help on rising costs to business.

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“Whilst we support cuts in fuel duty and an increase in NI [National Insurance] allowance, this is nowhere near enough to offset 300% increases in energy, 100% increase in rates and double digit increases in the cost of employment.

“The 1p cut in income tax is a classic diversionary tactic designed to hide a statement which is short on support for business.”

He added: “Increases in product costs are easier to pass on to consumers but these rising overhead costs are not, which ultimately means a very difficult year for small retailers.”

Earlier this year, Bira warned of rising costs and hoped the Spring Statement would reverse the increase on business rates for small businesses this year.

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