The British Retail Consortium (BRC) has issued a cautious welcome to chancellor George Osborne’s Autumn Statement, but admitted to concern over economic weakness.
Mr Osborne outlined a number of measures before the House of Commons yesterday, including the postponement of January’s planned rise in fuel duty and part of next April’s business rates hike. He also announced the new National Loan Guarantee Scheme, aimed at increasing lending to small businesses.
“Downgraded forecasts make it all the more vital that the chancellor implements a credible plan for stimulating economic growth which helps retail in keeping inflation down and generating jobs, especially for young people,” said BRC director-general Stephen Robertson.
Mr Robertson noted that the retail sector plays a particularly important role in tackling youth unemployment, but suggested deregulation would be preferable to the government’s plan to subsidise wages for young people. He also called for “meaningful” action on cutting red tape.
However, British Council of Shopping Centres executive director Richard Cooke pointed out that the downgraded economic growth figures released by the Office for Budget Responsibility offered “no reassurance” of a rebound in consumer spending over the coming months.
