Calls to freeze business rates multiplier in Budget by BRC

Data from a partnership between the British Retail Consortium (BRC) and the strategic insight agency Opinium paints a gloomy picture of consumer confidence in the UK.

Looking ahead to the next three months, the data shows that people’s view of the health of the economy is down compared with when they were asked a month earlier, and their view on their own financial prospects is also down from what it was.

“Consumer confidence in the economy stumbled after four months of improvement, with a similar trend for sentiment around personal finances,” said Helen Dickinson, the BRC’s chief executive. “With households bracing for a sharp rise in energy costs this winter, and bills rising faster than shop prices, it is little surprise that expectations of retail spending fell, even as overall spending plateaued.

“With the Budget looming large, consumers want to see Government prioritise bringing down the cost of living. Retail will play its part, but the Chancellor must not compound the triple blow from escalating employment costs, energy bills, and business rates, allowing retailers to focus on holding prices down. 

“He should start by freezing the business rates multiplier, preventing yet another burdensome tax increase.”