Online marketplace calls for rates reform, economic stability and support for indie retailers
As chancellor Rachel Reeves prepares to reveal the first Labour budget for 14 years tomorrow, 30 October, Faire’s UK general manager Charlotte Broadbent has commented in the media on her hopes for the country.
The online wholesale marketplace supports an extensive global network of independent suppliers and brands, many here in the UK, selling to indie retailers, and has business rates reform and support for small companies and the High Street in its sights.
Charlotte said: “I’m keenly aware of the real pressures our independent retailers are facing in today’s difficult economic climate. With the crucial golden quarter upon us, they are looking to this Budget for economic stability and a clear sign of support. They need the confidence to invest and grow, and ensure their businesses can continue to thrive on High Streets across the UK.
“The government has said it is committed to supporting businesses and won’t raise taxes on working people. This will be important to help reduce the strain on retailers navigating both rising costs and decreasing foot traffic and to boost their customers’ spending power.”
Many of these points were raised by Wrendale Design’s Hannah Dale during her visit to No10 last week for an entrepreneurs’ reception where she got to talk to the Chancellor, who was hosting the event.
Agreeing with the British Independent Retailers’ Association’s call to delay the end of the 75% retail, hospitality and leisure relief from business rates, due to kick in from April, Charlotte said: “We remain hopeful that, despite the need to fill a sizable hole in public finances, Labour will still honour its manifesto commitment to replace this rate with a fairer system that better reflects current economic conditions and addresses the unfair burden it is placing on high street businesses of all shapes and sizes.”
Faire also supports the Federation Of Small Businesses’ recommendation to more than double the level at which rates relief is triggered from £12,000 to £25,000, and remove up to 250,000 small businesses from the rates system,
And, looking for a sustainable and stable cost base for small firms, she said: “Against the backdrop of a continued high cost of living, which has led to customers delaying big ticket purchases, it is important to support the viability and growth of independent businesses.”
She called for access to more affordable financing options, such as low-interest loans or grants, to enable companies to invest in innovation, expansion, or digital transformation, which would differentially benefit independent retailers – and mentioned the marketplace’s Open With Faire programme which has already delivered £77million ($100m) worth of financing to new retailers across the US and Europe by helping them get stocked up to open their store for the first time using up to £20,000 in extended payment terms.
Charlotte added: “Incentives to support independent retailers in investing in renewable and energy-efficient initiatives is also crucial. Extending tax incentives for clean energy projects beyond 2026 could help reduce operating costs and contribute to environmental conservation efforts. Helping retailers take these environmental actions beyond their buying and into their businesses even more holistically will be a game changer.
“Plus it would be a huge win if the Chancellor reinstated tax-free shopping because it would drive footfall to the UK and encourage more overseas tourists to buy more luxury items while here. And it would also have a knock-on effect on many of the small independent retailers we work with at Faire where a healthy tourist trade is also essential to their businesses.”
The chancellor’s Autumn Statement is expected to begin in Parliament at 12.30pm tomorrow and will be broadcast live on BBC iPlayer and the BBC News.
