Following Chancellor Philip Hammond’s budget statement, responses have been made regarding various key points that will impact the DIY retail industry.
In brief, living wage is up to £7.83 an hour from £7.50, £3billion set aside for Brexit preparations, £2.3billion cost in business rates to bring forward the change to Consumer Price Index from Retail Prices Index by two years to 2018, a further policy on plastic waste has led to further investigation on reducing waste which could mean a tax on single-use plastic items such as packaging as well as the 5p plastic bag charge and £44billion capital investment to boost the housing market over the next five years.
Chief Executive of the British Retail Consortium (BRC), Helen Dickinson OBE, commented on the move from RPI to CPI indexation which will be brought forward by two years to 2018, she said: “This is a hugely welcome and positive move. From being caught in a web of competing pressures from all parts of the economy, limiting the scope for action, it’s clear that the Chancellor has listened to the retail industry and the growing chorus from across business and commercial life who have spoken up in favour of action to mitigate rising rates bills. Crucially, this relief will unleash investment that retailers want to direct towards the needs of their customers. This will be particularly critical at a time when shoppers’ disposable income is being squeezed further and the growth projections for the economy have been downgraded.”
More on the budget in the November 24th Print Issue of DIY Week.