As the Government bill on the future of business rates progresses through Parliament, it is essential that no shop ends up paying more in rates as a result of these reforms, otherwise retailers will face a triple whammy of Budget costs, business rates rises, and new packaging and recycling levies, all of which will filter through to consumer prices.”.
“Expectations of higher prices are not unfounded, with two-thirds of retailers saying prices will have to rise as a result of the £7bn in additional costs, including higher employer NICs and a new packaging levy.
Confidence among UK consumers has dropped off a cliff since last summer, as people – particularly women – grow more worried about the state of the economy, and their own finances.
Lloyds Banking Group, which is something of a bellwether for the UK economy, has missed City expectations this morning by reporting a 20% drop in profits last year.
February’s drop in confidence continues a decline that started last July, when the Labour party won the general election – and swiftly began warning about ‘tough choices’ and ‘painful decisions’ to fix the country’s finances.
