A letter to Chancellor Rachel Reeves has been signed by Britain’s biggest retailers, demanding change and action ahead of the upcoming Autumn Budget.
The letter has been backed by more than 60 chief executives and is still collecting signatures, with more names expected to join the fight before the Autumn Budget is announced.
Retailers say that last year’s budget added £7bn worth of costs after changes to employer National Insurance, higher employment costs, and the introduction of a new packaging tax.
In the letter, the chief executives write that “the British public have endured one of the highest periods of inflation in living memory.”
It goes on to say “as retailers, we have done everything we can to shield our customers from the worst inflationary pressures but as they persist, it is becoming more and more challenging for us to absorb the cost pressures we face.”
The retail giants warn that if changes are not made in the Autumn Budget, and policy decisions do not mitigate rising prices, then Labour’s original commitment to deliver good jobs and high living standards in its manifesto will falter.
The letter concludes: “To deliver the improvements to investment the Government seeks, support local employment, and help relieve the pressure on prices, it is essential these changes result in a significant reduction in the industry’s tax burden.
“No store should pay more as a consequence, with all shops excluded from the new higher multiplier. As we have outlined to your officials, these outcomes can be achieved at no cost to the Exchequer.
“As the Chief Executives of many of Britain’s leading brands, we are determined to help deliver your growth ambitions. However, for this to be possible, the conditions for stable prices, continued investment and sustainable employment must be at the heart of this year’s Autumn Budget.
“We see it as a key moment for the Government to publicly buy into retail and the vital role the industry can play in helping deliver a stronger and more resilient economy for all.”
Rachel Reeves, Chancellor of the Exchequer. Picture by Lauren Hurley / No 10 Downing Street
The signatories of the letter to Chancellor Rachel Reeves ahead of the Autumn Budget at the time of writing this article are as follows:
Giles Hurley, Chief Executive Officer, Aldi Stores UK
Maria Hollins, CEO, Ann Summers
Allan Leighton, Executive Chairman, Asda
Sue Kemp, Managing Director, Associated Independent Stores
Graham Bell, CEO, B&Q
Nick Collard, Chief Executive, Bensons for Beds
Meryl Halls, Managing Director, Booksellers Association
Nigel Murray, Managing Director, Booths
Anthony Hemmerdinger, Senior Vice President and Managing Director, Boots UK
Andrew Goodacre, CEO, British Independent Retailers Association
Helen Dickinson, CEO, British Retail Consortium
Alasdair Murdoch, CEO, Burger King UK
Debbie Robinson, Chief Executive, Central Co-op
Mireille Baumgart, Chairman, Concept Living
Alex Baldock, Group Chief Executive, Currys
David Robinson, CEO, Dobbies Garden Centres
Andrew Rennie CEO, Domino’s Pizza Group
Jonathan Hirst, Chief Executive, Dreams
Nigel Darwin, CEO, Dune Group
Mia Fenwick. Executive Deputy Chair, Fenwick
Andrew Hinds, Chairman, F Hinds
Lachlan Roach, Managing Director UK, Harvey Norman
Alex Willson, CEO, HobbyCraft
Anthony Houghton, CEO, UK&I, Holland & Barrett
Fran Barnes, Chief Executive Officer, Horticultural Trades Association
Peter Jelkeby, UK&IE Country CEO & CSO, IKEA
Regis Schultz, CEO, JD Sports
Jason Tarry, Chair, John Lewis Partnership
Mark Wright, CEO, JoJo Maman Bébé
Rob Swain, General Manager, KFC UK&I
Thierry Garnier, Chief Executive, Kingfisher
Adil M-Khan, CEO, Liberty Group
Alison Hands, CEO, Lincolnshire Co-operative
Ryan McDonnell, CEO, Lidl GB
John Colley, Executive Chairman and CEO, Majestic Wine Group
Fiona Cullen, Retail Director, Mango
Nick Stowe, CEO, Monsoon Accessorize
Rami Baitieh, CEO, Morrisons
Brian Brick, Chief Executive Officer, Moss Bros
Helen Connolly, Chief Executive Officer, New Look
Paul Stirling, Group Retail Director, One O One Convenience Stores
Kari Rodgers, Retail Director UK, Primark
Nick Vance, CEO, Radley and Co
Christos Angelides, Chief Executive Officer, Reiss
Julie Abraham, CEO, Richer Sounds
Simon Roberts, Chief Executive Officer, Sainsbury’s
Colin Temple, President, Schuh
Dr Pete Cheema OBE, Chief Executive, Scottish Grocers’ Federation
Karen Scott, CEO, Scottish Midland Co-operative Society
John Mewett, CEO, Screwfix
Paul Hayes, Chief Executive Officer, Seasalt
Andy Lightfoot, Chief Executive, Space NK
Michael Fletcher, Managing Director, Spar UK
Ken Murphy, Group CEO, Tesco
Sean Toal, Chief Executive, TGJones
Shahid Razzaq, Chair Political Engagement, The Federation of Independent Retailers
Tim Bettley, Managing Director, The Original Factory Shop
Gill Smith, Managing Director, The Perfume Shop
Angela Rushforth, Managing Director, Toolstation
David Wood, Group Chief Executive Officer, Wickes Group