The retail body said the figures, which determine the April 2027 business rates uplift, leave retailers facing around £250 million (~$333 million) in additional bills unless action is taken. Cutting the cost of doing business would put retailers in a better position to hold back price rises and increase investment in stores and jobs, it said.
Harvir Dhillon, lead economist, British Retail Consortium, said: “With Christmas around the corner, consumers will be understandably concerned by the third increase in inflation in three months.”
The British Retail Consortium has urged the government to cut business costs in next week’s Budget after inflation rose to 3.5 per cent.
The BRC said the figures set the April 2027 business rates uplift, leaving retailers facing £250 million (~$333 million) in extra bills.
It called for a rates freeze, saying lower costs would help retailers restrain price rises and invest in stores and jobs.
Dhillon said a sharp rise in petrol and diesel prices accounted for a large part of the increase. The lifting of the Ofgem price cap this month had already driven up household energy bills and would push up October’s inflation figure when published in November, with bills likely to rise again in January, he said.
Rising costs for household appliances and pharmaceuticals would further squeeze household budgets, Dhillon said. However, intense supermarket competition had helped hold inflation steady for consumers despite multiple supply chain shocks this year, supported by lower prices for butter, coffee and potatoes.
The BRC said retailers and the government were aligned on the need to tackle the high cost of living, and that next week’s Budget was a crucial opportunity to do so. It called on the Chancellor to freeze rates for the year ahead, saying lower business costs would ultimately benefit families.
Fibre2Fashion News Desk (KD)
