{"id":164298,"date":"2021-03-03T19:16:29","date_gmt":"2021-03-03T19:16:29","guid":{"rendered":"https:\/\/www.theindustry.fashion\/budget-2021-retail-property-and-fashion-industry-figures-respond\/"},"modified":"2021-08-06T12:10:30","modified_gmt":"2021-08-06T12:10:30","slug":"budget-2021-retail-property-and-fashion-industry-figures-respond","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/budget-2021-retail-property-and-fashion-industry-figures-respond\/","title":{"rendered":"Budget 2021: Retail, property and fashion industry figures respond"},"content":{"rendered":"

Chancellor Rishi Sunak laid out his hotly anticipated Budget today outlining how he plans to get the economy back on its feet<\/strong> following the trauma of the Covid-19 crisis.<\/p>\n

<\/p>\n

The retail industry had been hoping for an extension to the business rates holiday,<\/strong> which was due to end in April and this was duly extended to the end of June with a two-thirds discount for the remainder of the year. A more thorough review of business rates in planned in the autumn when, it is hoped, the unfair burden on retailers will, finally, be relieved.<\/p>\n

Also to be welcomed are the extension of the furlough scheme and the restart grants<\/strong> will enable non-essential retailers to access up to \u00a36,000 to help kickstart business after prolonged lockdowns, while an increase in contactless payments to \u00a3100 might encourage higher spending in stores, when they are due to re-open on 12 April.<\/p>\n

An increase in corporation tax may not be so welcomed but ASOS CEO Nick Beighton, for instance, says his group is ready to pay more to support economic recovery<\/strong> and welcomed the Chancellor's additional measures for industry. \"We welcome new and continuing support for businesses to help fuel the country\u2019s economic recovery and believe it\u2019s only right that successful, profitable businesses make an additional contribution without stifling growth, investment and innovation. As a UK-based and tax domiciled business, ASOS will meet in full our contribution to the future increase in Corporation Tax, as well as investing \u00a390m and creating 2,000 new jobs at our state-of-the-art\u00a0<\/span>fulfilment centre in the Midlands.\u201d<\/p>\n

So, a strong, profitable company (with no high street presence) like ASOS is happy, but were the Chancellor's measures (for a summary click here<\/a>) enough to draw wider industry support? Or do they just delay the inevitable for the more distressed businesses in the market.<\/p>\n

Below, we gather the views of leading figures representing retail, fashion, property, business and retail workers.<\/p>\n

\"Helen<\/a>

Helen Dickinson<\/p><\/div>\n

British Retail Consortium CEO Helen Dickinson<\/strong><\/h3>\n

\u201cThe Chancellor has listened to many of our concerns and we welcome the extension of key business funding schemes. This announcement provides some targeted support to struggling businesses across the country. Action to support the retail industry will be vital to reviving the economy \u2013 including business rates relief, restart grants and loans, and an extension to the furlough scheme. However, for many retailers the devil will be in the detail, with caps on funding limiting access to this support. Retail accounts for over three million jobs, spread across every region of the UK; supporting the success of our industry will be essential to unlocking consumer spending and driving forward the UK\u2019s economic recovery. The Chancellor must keep the situation under review, as we wait to see how the economy responds to reopening.\u201d<\/p>\n

On Business rates:<\/strong><\/p>\n

\u201cThe Chancellor has taken steps to avoid the business rates cliff edge on 1 April, and the three-month extension will provide essential funding at this challenging time. Beyond this point, relief is capped at only \u00a32m for closed businesses, a tiny fraction of their total liability. Without further funding, it is likely that many \u2018non-essential\u2019 retailers will struggle under sluggish consumer demand and high Covid costs. The business rates system remains broken; it is vital that the ongoing business rates review delivers on its promise to reduce the burden on retail which already results in store closures and job losses.\u201d<\/p>\n

On Restart grants:<\/strong><\/p>\n

\u201cRestart grants provide a vital injection of funding during this extremely challenging period. No businesses have remained untouched by the pandemic and we welcome this cash to help \u2018non-essential\u2019 retailers improve safety measures, build up stocks, and prepare for reopening. However, the Chancellor gave no clarity on EU state aid rules - if these continue to apply to grants for closed businesses, then many larger companies, employing hundreds of thousands of people, will miss out on millions of pounds of vital support. We need an immediate amendment to the state aid system which is stopping impacted companies from accessing the grants which were announced today, and earlier this year.\u201d<\/p>\n

On Recovery loans:<\/strong><\/p>\n

\u201cWe hope the loan scheme will play an important role in addressing the cash flow challenges that many firms are facing. But it is vital that the aspirations of the Chancellor are met by action from commercial lenders to ensure that this all important finance reaches its destination quickly.\u201d<\/p>\n

On Furlough extension:<\/strong><\/p>\n

\u201cWe welcome the extension of the furlough scheme, which provides retail colleagues with a safety net against unnecessary job losses. This generous scheme will help protect the future of the 600,000 retail employees currently on furlough.\u201d<\/p>\n

On Taxation:<\/strong><\/p>\n

\u201cWe understand the need for increased taxation to restore public finances and cover some of the vital spending on business support. Corporation tax is a fairer way to achieve this as it ensures those with the broadest shoulders take the largest burden. However, increases in corporation tax must go hand in hand with bringing business rates down to a sustainable level and prevents the shuttering of many more local shops. On its own, corporation taxes would just be another tax on an industry that has faced rounds of forced closures, high costs of implementing Covid-safety measures, and the recent scrapping of tax-free shopping. It is vital that the ongoing business rates review meets its objective to reduce the rates burden on retail, which is causing stores to close and jobs to disappear.\u201d<\/p>\n

On Apprenticeships:<\/strong><\/p>\n

\u201cThe additional incentive to take on new apprentices is welcome, but what is most important to the success of such training and the upskilling of our future workforce would be greater flexibility in how firms are able to spend their Apprenticeship Levy funds.\"<\/p>\n

On Investment and Digital:<\/strong><\/p>\n

\u201cThe UK retail industry is a global leader in digital innovation and online retail has provided a vital lifeline for many households across the country over the course of this pandemic. Support for businesses to improve digital skills and develop their online offering will boost an already dynamic sector.<\/p>\n

\u201cThe 'super-deduction' must include investment in new technology. The UK retail industry\u2019s investment in digital innovation, which is already world-beating, could be further boosted if this is tailored appropriately. This in turn will create more high value jobs and added value for UK plc.\u201d<\/p>\n

\"\"<\/a>

Caroline Rush at London Fashion Week<\/p><\/div>\n

British Fashion Council CEO Caroline Rush<\/strong><\/h3>\n

On furlough extension and self-employed support:<\/strong><\/p>\n

\u201cThe British Fashion Council (BFC) welcomes the announcements in today\u2019s budget that will enable businesses and workers to recover from the effects of the pandemic including the extension of support schemes to September, the continuation of the furlough scheme, the fourth Self-Employment Income Support Scheme (SEISS) with the inclusion of \u201cnewly\u201d self-employed, and notably the support to retail including continued rates freeze and \u00a35bn in Restart Grants for the retail sector. We encourage responsible retail, ensuring that the benefits of this support are passed on through the value chains to suppliers, designers, and workers within them.<\/p>\n

\u201cA report by Oxford Economics for the BFC has shown that the impact of COVID could be twice as hard on the fashion industry than the economy as a whole, therefore collective action is required to ensure recovery and positive growth of the industry as there are many businesses and workers that fall outside of the government support measures.\"<\/p>\n

On Support for sector specific skills and innovation:<\/strong><\/p>\n

\u201cWe continue to discuss with the government the importance of the needs of the fashion industry, such as the movement of creatives through a\u00a0fashion\u00a0quarantine exemption and a \u201ctouring\u201d visa\u00a0to work in key EU markets;\u00a0support for freelancers; a review of the\u00a0Shortage of Occupation\u00a0List\u00a0to include skilled fashion workers and the need for\u00a0government-backed event insurance\u00a0<\/strong>to allow us to restart with certainty. As our industry moves to a clean growth strategy, it is essential that the government supports through investment in innovation and R&D as a priority.<\/p>\n

\u201cThe combined devastating effects of the pandemic and Brexit have had a greater negative impact on the fashion sector than most, and therefore we call on urgent action by the government to support the industry to play its role throughout the UK in its economic recovery.\u201d<\/p>\n

\"Jace<\/a>

Jace Tyrrell<\/p><\/div>\n

\n

New West End Company CEO Jace Tyrrell<\/strong><\/h3>\n

\u201cThe Chancellor\u2019s announcement of substantial economic support should be broadly welcomed. However, it delivers too little for major commercial centres missing out on tourism and office workers where rebuilding traffic, trade and tourists will require years of effort. Targeted relief and support is needed for centres such as London, Birmingham and Manchester, where recovery will take much longer. It cannot be a one size fits all approach.<\/p>\n

\u201cFor the Government\u2019s support to be successful, we must also be given more clarity around the issue of state aid in the wake of our departure from the EU so that businesses with multiple stores can be sure that they won\u2019t miss out on funding due to regulations on state aid cap.\u201d<\/p>\n

On Business rates:<\/strong><\/p>\n

\u201cThis was a budget billed to help business build back and we welcome the three month extension to the business rates holiday that will be a lifeline to many businesses as we reopen. However it delivers too little for major commercial centres missing out on tourism and office workers where rebuilding traffic, trade and tourists will require years of effort. Targeted support now from the public purse will accelerate the recovery of commercial centres such as London and Manchester, halving the time it will take for them to get back to becoming net contributors to the UK economy.<\/p>\n

On State aid:<\/strong><\/p>\n

\u201cThe three month extension to the business rates holiday will be a lifeline to many businesses as we reopen, however if business rate relief is to be successful, we must be given more clarity around the issue of state aid so that businesses with multiple stores can be sure that they won\u2019t miss out on funding due to EU regulations on state aid cap.<\/p>\n

\u201cIn truth, while this has been a generous budget, it remains limited when subject to small print. Unless the Chancellor works to overturn state aid rules, centres such as London and Manchester risk losing their lead as world class destinations to Paris and Milan.\u201d<\/p>\n

On International spend:<\/strong><\/p>\n

\u201cThe reopening of overseas tourism must be a two-way street; allowing Brits to holiday and spend overseas must be matched by welcoming back priority overseas tourists who account for 50% of the West End\u2019s annual \u00a310 billion turnover. Those that benefit commercial centres the most - in the Middle East, Far East and US - must be encouraged back to boost the British economy and its businesses and we hope to hear more clarity from the Government on this issue in the near future.\u201d<\/p>\n

\"Melanie<\/a>

Melanie Leech<\/p><\/div>\n

British Property Federation CEO Melanie Leech<\/strong><\/h3>\n

\u201cWhile Covid-19 has taken a devastating toll on public health, the economic scars will no doubt also run deep. Recovery will\u00a0require the Government to be bolder over the next year, particularly to meet its ambitions in relation to decarbonisation, but today\u2019s Budget will have provided confidence to hard-pressed businesses on our high streets that government support is far from over, and that they won\u2019t be left to fall at this final hurdle as we emerge out of lockdown.\u201d<\/p>\n

On Business rates:<\/strong><\/p>\n

\u201cThe extension of the furlough scheme, \u00a35bn of re-start grants and the business rates relief extension will bring many retail, hospitality and leisure businesses back from the cliff edge, providing them with much-needed breathing space as they prepare to re-open their doors to the public.<\/p>\n

\u201cLonger-term town centre recovery, however, will require root and branch business rates reform. This can has yet again been kicked down the road, but fixing business rates is fundamental to any ambition that wants our high street businesses to start planning for their futures beyond the next few months.<\/p>\n

\u201cThe business rates system is clearly broken. Business rates should be responsive in real time to market changes \u2013 rather than based on historic, out-of-date rental values \u2013 so that they are fair and sustainable. Government has had long enough to reflect on how business rates could be improved. When temporary relief ends, the Government must be ready with a new regime which best future-proofs\u00a0the system as our economy continues to\u00a0evolve.<\/p>\n

\u201cThe Chancellor has provided a significant package of additional support for retail, hospitality and leisure which should give the minority of businesses who have not yet engaged with their property owners a platform to do so. Property owners \u2013 local authorities, pensions and savings funds \u2013 are owed more than \u00a35bn and have had no direct support from Government. That cannot continue and those funds are urgently needed to invest in the recovery of our town centres.<\/p>\n

\u201cEveryone agrees the majority of tenants and property owners are working well together \u2013 with tenants being transparent about their finances, and property owners supporting those in distress with emergency relief and new, longer-term rent payment arrangements. New, stronger relationships have been built through this process. Nevertheless, there is a minority where relationships have broken down and become toxic, and the moratorium must end to unlock the stalemate and allow the market to re-set and recover.<\/p>\n

\u201cWith further rates relief and new grants,\u00a0high streets businesses should be confident in approaching their property owners today to forge an economic partnership in which they can agree how to manage rental debt fairly . Rational property owners will not want to evict \u2013 empty properties generate no income and are a blight on our high streets.<\/p>\n

\u201cThose well-capitalised businesses, who can pay rent but have chosen not to, must now meet their legal obligations. Their behaviour has raided our nation\u2019s pensions and savings invested in commercial property, and has been a heavy blow for already stretched local authority landlords and public finances.\u201d<\/p>\n

On Corporation tax:<\/strong><\/p>\n

\u201cWhile we are still in lockdown, now might not seem like the best time to hike taxes \u2013 but, with government borrowing having already reached record-breaking amounts, it\u2019s inevitable the Chancellor will need to find ways to raise revenue. A rise in corporation tax is a reasonable option, given it\u2019s a tax on profits and so will predominantly target those businesses that have fared better. Plus, the UK\u2019s corporation tax has been relatively\u00a0competitive since it was lowered from 26% to 19% in 2015, and today\u2019s rise will bring the UK closer in line with countries such as the US.<\/p>\n

\u201cIt is however disappointing the new super reduction does not apply to new investment in the structure of buildings, which will be much-needed for town centre regeneration and to support our net zero carbon goals for the built environment.<\/p>\n

\u201cIt\u2019s positive that the Chancellor has provided more flexibility to make use of losses and claim tax relief on those more quickly, but we continue to have concerns in relation to how corporation tax profits are calculated. In particular, large-scale real estate and infrastructure projects depend on large volumes of debt, and interest payments on this debt should receive full relief as has traditionally been the case in the UK. Restricting this relief to 30% of a business\u2019 earnings will put at risk the\u00a0sort of investment that will regenerate our towns and cities, and underpin recovery. It is important that these corporation tax rules are reviewed to ensure that only those businesses making genuine economic profits are footing the bills for higher corporation tax bills.<\/p>\n

On Empty business rates:<\/strong><\/p>\n

\u201cThe Chancellor has equally ignored calls to abolish empty business rates. It is fundamentally unfair that after having supported businesses so extensively and for so long, property owners are then left footing the business rates bill when stores are left empty. Our tax system must not penalise property owners for having empty stores, when their support has been critical to saving as many businesses and their stores as possible throughout this pandemic.<\/p>\n

\u201cOf course, despite government and property owner support, stores are still closing. But, with over 16,000 store closures in 2020, charging empty rates takes investment capital from the very stakeholders that want to invest in repurposing and reimagining our high streets.<\/p>\n

\u201cThe Government needs to unleash the power of the private sector. This is crucial to the success of the levelling up agenda and the reinvigoration of town centres, for unless ministers are prepared to think radically around the mechanisms that will unlock private sector investment, the government\u2019s ambitions will fail.\u201d<\/p>\n

\"Chris<\/a>

Chris Brook-Carter<\/p><\/div>\n

Chris Brook-Carter CEO retail industry charity\u00a0retailTRUST<\/strong><\/h3>\n

On Furlough extension:<\/strong><\/p>\n

\u201cWe welcome the promises of today\u2019s Budget announcement and the desperately needed certainties that it provides the UK\u2019s more than four million retail workers.<\/p>\n

\"Extending the furlough scheme will safeguard roles during the uncertain reopening period, while extending the business rates holiday and providing access to the new restart grant will help get retailers back up and running so that staff can get back to work as soon as possible.<\/p>\n

\"Retail will have an absolutely vital\u00a0 to role to play in tackling issues like youth employment and social mobility as we move out of this crisis so decisions taken now will not only protect vital jobs and businesses, but the social, economic and cultural importance of the sector to the UK.<\/p>\n

\"People working in retail have been hit hard financially, emotionally and physically during the entire course of the pandemic. They have had to cope with extremely difficult changes in their working conditions, livelihoods have been placed on hold during the lockdown periods, and, very sadly, tens of thousands of people have been left with no jobs to return to due to the pandemic\u2019s devastating impact on shops and businesses up and down the country. This has led to record demand for retailTRUST\u2019s services.<\/p>\n

\"It\u00a0is essential that the government and businesses now work together to safeguard our colleagues\u2019 long-term interests and their wellbeing.\u00a0And as a sector, we all have a responsibility to come together and make the most of initiatives which will help to protect, support and create roles.\"<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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