Members of the British Independent Retailers Association (Bira) have reacted to news of the mini budget and energy announcements by outlining what would help them the most in the coming months.

The government promised they had plans in the pipeline for helping cut energy bills by working with suppliers to reduce wholesale energy costs and rises in bills. It was also outlined in the mini budget announcement by Chancellor Kwasi Kwarteng that the basic rate of income tax would be cut by 19p in April 2023. And, that the recent rise in National Insurance would also be reversed from 6 November this year.

Among those independent shops questioned in a recent survey, over half (51%) believed the most valuable support would come from the cut in energy bills. No increase in corporation tax was also welcomed by 22.4% of those questioned.

Only 4% said they were happy with the proposed reduction of income tax, and 12% said the reversal of National Insurance would provide support

Commenting is Bira’s CEO, Andrew Goodacre. “Some of the recent measures announced would help independents. However, there are now other factors in play, with higher import prices (due to the declining value of the pound) resulting in higher prices.

“There is also the spectre of much higher interest rates dampening consumer expenditure. A budget designed to initiate growth and restore consumer/business confidence seems to have had the opposite effect.

“We do need consumers to continue spending money with independents but with everyone’s budgets getting tighter by the week it remains to be seen what the future holds for the high street.”

A financial statement from the Chancellor on 23 November will outline medium to long-term plans

Goodacre continues; “Independent retailers are still burdened by business rates. Clearly, we have a government that wants to do things differently. I urge the Chancellor to completely reform businesses rates and reduce the burden in November.”

For further information on Bira, please click here.