David McCorquodale, KPMG’s UK head of retail, comments on what the Budget announcement means for retailers. He said: “The Budget for growth, job creation and house building is welcome news for retailers who rely on consumers having employment security to have confidence to spend. The cost savings around income tax and this morning’s announcement on the reduction in unemployment adds to the good mood feeling.
“Many of the measures are aimed at putting extra pounds in the pocket of the consumer. But with measures aimed to encourage consumer savings and the hint at global activities potentially impacting global commodity prices, retailers will hope the proportion of those pounds spent in the tills will be worth more than the ‘three penny bit’ the new pound will soon look like.
“Retailers will be keen to look at the detail of the measures to encourage exports as they look to grow on new frontiers. However, they are still looking for reform of the business rates regime at home and the elimination of the red tape that discourages foreign tourists from making the trip over to the UK.”
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