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Bira engages with Treasury on Budget fallout, business rate reform

Bira engages with Treasury on Budget fallout, business rate reform
(Photo by Christopher Furlong/Getty Images)
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Pooja Shrivastava
By Pooja ShrivastavaNov 21, 2024
Pooja Shrivastava
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Independent retailers association Bira has held a meeting with members of the Treasury team to discuss concerns following its robust response to the Government’s recent Budget announcement.

The Budget, labelled by Bira as "devastating" for independent retailers, was met with widespread indignation from Bira members.

Andrew Goodacre, CEO of Bira, said: “Thank you to all the members who have shared their thoughts on the impact of the budget. Based on this feedback, Bira has been robust in its response and judgement of the budget, especially where it is hurting the medium sized independents by as much as an extra cost of £200K per annum.

“We have also held a meeting with members of the Treasury team to discuss our concerns. Whilst there were no indications that any changes would be made, our concerns were listened to.

“We also discussed the proposed reform to business rates which is due to be in place for April 2026. It was clear from the meeting that Bira will be fully involved with this reform.”

Bira, representing over 6,000 independent retailers across the UK, earlier stated that the reduction in business rates relief from 75 per cent to 40 per cent (capped at £110k) from April 2025 will more than double costs for many retailers.

As a post-budget reaction, Goodacre said on Oct 30, "This is without doubt the worst Budget for independent retailers I have seen in my time representing the sector. The government's actions today show complete disregard for the thousands of hard-working shop owners who form the backbone of our high streets.

"Small retailers, who have already endured years of challenging trading conditions, now face a perfect storm of crippling cost increases. Their business rates will more than double as relief drops from 75 per cent to 40 per cent, while they're hit simultaneously with employer National Insurance rising to 15 per cent and a lower threshold of £5,000, down from £9,100. Add to this the minimum wage increase to £12.21, and many of our members are telling us they simply cannot survive this onslaught."

business ratesemployer national insuranceindependent retailers associationpostbudget reactionbira

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