Following today’s Spring Statement from UK Chancellor Rachel Reeves, we’ve been speaking to our board members about what this means for the retail, leisure, and placemaking industries. Here are their key takeaways…
“It is regrettable that the Government has stuck to its decision to reduce and then scrap the Treasury’s support for retail through RHL business rates relief, worth £1.3 billion this year. This amounts to a stealth tax on all commercial occupiers of retail property. Together with rises in National Insurance it will reduce investment and damage jobs in the retail, hospitality and leisure sectors.
The Government needs to stop treating retail like a cash cow and recognise that shops and town centres are a vital part of community life. The Government should reverse this damaging spending cut as soon as possible to avoid further closures on the high street, as the Shopkeepers’ Campaign recommends’”
Vivienne King, Founder & Managing Director, Impactful Places & Revo Board Member
“If the government can fulfil their promise of 1.3million new homes, this would result in over £10 billion consumer spend on retail and leisure for the towns and cities they are delivered in. This brings a much needed boost to these local economies that are crying out for that scale of financial impact.
Moreover, that scale of development feeds the associated businesses across construction, architecture, planning, retail and leisure operators as well as other services. All of these being key members of the Revo Community.”
Dan Parr, Senior Vice President, CACI & Revo Board Member
“UK consumer confidence was declining before the Spring Statement with this nervousness around the economy resulting in both cuts in everyday spending and the deferring of big-ticket purchases. As such, the Statement offered the Chancellor the opportunity to rectify this position and offer confidence in the longer-term UK economic outlook.
Sadly, the opportunity was wasted. The £5bn cut in public spending and significant welfare cuts set against the backdrop of OBR downgrading its economic growth forecast for 2025 will further erode consumer confidence. The high street will undoubtedly suffer as a result of the Spring Statement with reduced sales volumes which will be a further blow to retailers who are already struggling with additional costs including higher employer national insurance contributions and a new packaging levy”
Sara Boonham, Head of Cost Management, Gleeds & Revo Board Member