The Kbsa gave a cautious welcome to the 2021 budget delivered by Rishi Sunak yesterday (27 October).
National Kbsa chair Richard Hibbert said: “The Chancellor has finally listened to business and made changes to the business rates system. Whilst the measures announced are only a short term solution, they will bring a welcome bonus for our retail members.
“KBB retailers are facing a number of challenges from rising energy costs as well increasing prices from manufactures, as they continue to respond to pent up demand, alongside the traditional seasonal surge in business”.
“The 50% business rates discount for companies in retail, hospitality and leisure sectors, up to a maximum of £110,000, is welcome, as is the cancellation of next year’s planned increase in the business rates multiplier”.
“It remains to be seen whether any of the extra funding announced for skills and training, £3.8bn over the parliament, will have an impact on the severe skills shortage that we are facing as an industry”.
“The Kbsa will continue to support members, and hopes that the Chancellor’s aim of a stronger post- pandemic economy will be achieved.”