KPMG responds to announcements to support the retail sector
Responding to measures announced in today’s Autumn Statement to support the retail sector, Paul Martin UK Head of Retail at KPMG
Responding to measures announced in today’s Autumn Statement to support the retail sector
The Autumn Statement contained a number of announcements to support the retail industry, from the £13.6 billion transitional relief scheme, through to freezing of business rate multipliers and the long-awaited business rate re-evaluation from April 2023, under which we should see a lower rates burden for many retailers. Whilst the prospect of support for retail businesses coming next year will be welcomed, the UK is in recession now and many retailers will be focussed on surviving the next few months as consumer confidence and spending declines, and costs continue to rise. The question remains, will the support offered from April next year be too little too late for some struggling retailers?