Fed reveals Budget wish list for independent retailers

The Fed has revealed its priorities on behalf of independent retailers for the government to consider ahead of the Autumn Budget on 30 October 2024.

The trade body has written to chancellor of the exchequer Rachel Reeves to raise its main concerns and priorities for the financial year ahead.

These include:

• Independents to continue to receive protection from high rates bills by the Small Business Rates Relief (SBRR) and Retail, Hospitality and Leisure Relief (RHLR)
• The government to increase the £175 minimum threshold for employers’ National Insurance Contribution (NIC)
• Retaining the ongoing fuel price freeze, which has done so much to reduce the upward increase of petrol prices in recent years
• Continue to support Neighbourhood and Response Police teams so that they can work with our members

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On high rates bills, the Fed said it supports the focus the government puts into its election manifesto to ‘reform business rates’ and ‘shift the overall burden away’ from bricks and mortar businesses, but it is vital that RHLR is held at its current rate of 75%.

Furthermore, it added that any increase in NICs would act as a deterrent on new recruitment for small businesses and could represent a false economy in terms of government tax revenue, and pointed to the recent increases in the National Living Wage with regard to increasing the minimum threshold for employers’ NIC.

An ongoing fuel price freeze was highlighted due to Fed members’ significant travel costs, with many retailers providing a news and food delivery service direct to homes. “This will be vital for retaining the sustainability of our members’ businesses,” the Fed explained.

Finally, calls for support of police response teams aim to address the concern surround increasing retail crime and shoplifting.

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