Health Stores UK today called on the new Chancellor, Jeremy Hunt, to urgently provide targeted financial support for independent retailers.
Earlier today, the Chancellor announced that he would abandon virtually all of the controversial tax cuts announced by his predecessor, Kwasi Kwarteng, in last month’s mini-budget.
Health Stores UK welcomes assurances from the new Chancellor that the Government will now prioritise restoring fiscal stability and confidence. But it says further clarity is needed on the urgent issue of energy price support for business.
The situation for independent retailers was becoming increasingly precarious even before the chaos caused by the mini-budget. A further fall in consumer confidence, worsened by the prospect of higher mortgage costs for millions, means that the case for urgent financial support for small retail businesses is now indisputable.
Commenting on today’s developments, Health Stores UK joint-chair, Len Glenville, said: “Independent businesses, such as those run by our members, are being presented with unparalleled challenges for survival. We need action now from Government to ease the burden on small retailers and secure the long term future for valued local high streets. We look forward to swift action on energy prices, VAT and business rates.”