The recent landslide victory for Labour has sparked reactions from various industry figures, calling for immediate action on pressing issues.
- Helen Dickinson of the BRC emphasizes the need for collaboration between the government and the retail sector to achieve Labour’s policy goals.
- Dee Corsi of the New West End Company stresses the urgency of transforming Labour’s pledges into credible policies in close dialogue with businesses.
- Paddy Lillis from Usdaw highlights the necessity of protecting retail workers and revising unfavourable prosecution thresholds.
- Jacqui Baker from RSM UK points to the significance of Labour’s promise to reform business rates, urging clarity on the implementation.
The Labour Party’s decisive win, securing over 400 seats, has prompted significant engagement from industry leaders who are keen to see the party’s commitments come to fruition. The retail sector sees this as a pivotal moment to influence government policies that directly impact businesses and consumer confidence.
Helen Dickinson, CEO of the British Retail Consortium, remarked on the critical role retail plays in employment and economic investment nationwide. She is advocating for the new government to partner with the retail industry in order to unlock the sector’s potential and contribute to Labour’s objectives over the next five years. Emphasizing the malfunctioning business rates system, Dickinson noted that while retail contributes 5% to the economy, it disproportionately bears 22% of total rates, hindering further investment and growth.
Dee Corsi, representing over 600 businesses with the New West End Company, called for rapid action within the first hundred days of Labour’s governance. She noted the importance of developing policies on economic growth, retail crime, planning reforms, and business rates through constructive engagement with the business community. Such measures are anticipated to rejuvenate high streets and restore the UK’s competitive edge globally.
Paddy Lillis of Usdaw expressed optimism about Labour’s plans to enhance workers’ rights, highlighting promises to turn minimum wage into living wage and abolish age-based pay differences. He welcomed Labour’s commitment to retail crime legislation to end the ineffective prosecution threshold, advocating for better protection for shop workers and more security presence in commercial areas.
Jacqui Baker from RSM UK raised retailers’ concerns over Labour’s business rates reform proposals. The details of this significant policy change remain awaited, as its implementation is crucial for alleviating the sector’s largest financial burden. Although missing from the agenda, Baker mentioned that tax-free shopping could have been a straightforward policy to boost the economy.
Caroline Rush, CEO of the British Fashion Council, urged the new administration to reconsider the VAT Retail Export Scheme and invest in sustainable practices. Rush highlighted the potential for growth in the fashion industry through supportive measures for fashion education and export investments.
Rain Newton-Smith of the CBI underscored the necessity for sustainable growth as a core mission of the new government, with business innovation playing a key role. Newton-Smith emphasized the importance of decisive actions on planning reforms and grid capacity to propel economic growth.
Scott Parsons from Unibail-Rodamco-Westfield described Labour’s victory as a chance to redefine business-government relations. He endorsed Labour’s approach to engage with business leaders on reforms, focusing on business rates and abolishment of the tourist tax as means to revitalize the retail environment.
A menswear retailer expressed cautious optimism, valuing the stability a new government brings, while remaining skeptical about the extent of change in business rates collection, which constitutes a substantial revenue stream.
The Labour Party’s election victory presents an opportunity for transformative actions in the retail sector, urging swift government-business collaboration.
