Latest news with #Skills&GrowthLevy
Fashion United
2 days ago
- Business
- Fashion United
UK retailers welcome two billion pound funding for police
UK Chancellor Rachel Reeves outlined a more than two billion pound increase in police spending as part of the government's latest two trillion pound Spending Review. Reeves outlined the plans during a speech on June 11, in which she said the funding reflected a 2.3 percent per year increase in police spending power 'to protect our people, our homes and our streets'. The funding also backs the government's 'Plan for Change' initiative, which aims to put 13,000 additional police officers, PCSOs and special constables into neighbourhood policing roles within England and Wales. The uptick in financing was welcomed by director of business and regulation at the British Retail Consortium (BRC), Tom Ironside, who noted that the organisation supported the plans outlined by Reeves, particularly 'with the huge rise in retail theft and the continued impact of violence and abuse on retail colleagues". Ironside did call on the chancellor, however, to funnel additional policing resources into directly addressing these issues, 'with over 2,000 incidents every day, and shoplifting, which costs retailers and their customers over four billion pounds a year'. Elsewhere, Ironside said the BRC further welcomed Reeves' plans to increase funding for skills and training, given that retail was 'one of the biggest spenders on upskilling its workforce'. He added that the organisation looks forward to seeing more detail on the planned Skills & Growth Levy. Reeves announced a 1.2 billion pound 'record investment' for skills a year, which she said would support 'over a million young people into training and apprenticeships'. 'We've seen growing businesses eager to recruit, look elsewhere. Potential wasted and enterprise frustrated,' she added.
Yahoo
3 days ago
- Business
- Yahoo
UK retailers cautious as Spending Review outlines key reforms
The Chancellor's Spending Review on 11 June 2025 set out a sweeping multi-year plan that aims to boost public services, infrastructure and policing. Among its headline measures were a £2bn boost to policing, 13,000 extra neighbourhood officers, strengthened transport investment, upskilling initiatives and proposals for business rates reform. In the retail sector, the British Retail Consortium (BRC) welcomed aspects of the package while underlining lingering concerns over crime, transport and future tax burdens. Retailers have faced mounting pressure from shoplifting and abuse, costing the industry and consumers more than £4bn annually. Tom Ironside, Director of Business & Regulation at the BRC, described the policing announcement as "welcome", noting the government's pledge of extra officers and funding. 'With the huge rise in retail theft and the continued impact of violence and abuse on retail colleagues, we welcome the announcement of an extra £2bn for policing,' Ironside said, adding that targeting 'both violence and abuse in retail, with over 2,000 incidents every day, and shoplifting' must be a priority. Official figures show retail crime levels remain stubbornly high across the UK, reinforcing the BRC's call for concentrated efforts on high streets under pressure. Successful town centres depend on reliable transport links. The Spending Review allocates billions to rail, bus and local transport schemes outside London. The BRC voiced support for this investment, highlighting it as vital to 'successful town and city centres'. Ironside added: 'Successful town and city centres are underpinned by an effective transport system which is why we support the funding aimed at improving transport in many parts of the country.' With commerce increasingly local, improvements to connectivity can help drive footfall back to bricks-and-mortar stores. On workforce development, the retail industry too stands to benefit. Ironside welcomed increased investment in skills: 'The retail industry will welcome the increased funding for skills and training, and look forward to seeing more detail on the planned Skills & Growth Levy.' Retail remains the UK's largest private‑sector employer, but spiralling costs continue to strain margins. The BRC previously warned that retailers pay disproportionately high business rates—5 % of GDP while covering more than 20 % of the total rates bill. In her review, the Chancellor confirmed the government will pursue reform: 'We support plans to bring down the disproportionate rates bill paid by the industry, but it is vital that these new reforms result in no shop paying more.' Ironside cautioned that the autumn Budget will offer the real test of these commitments—and retailers are looking for assurances that no store will face higher bills once reforms take effect. Bond markets responded cautiously to the Spending Review, with UK gilt yields modestly higher ahead of the announcement before settling. Analysts noted that departmental budgets will grow by 2.3 % annually in real terms, though sizable borrowing and efficiency savings are required. Greater clarity on the financing of these measures, particularly the Skills & Growth Levy and business rates overhaul, is expected in the autumn Budget. Retailers will be watching closely for confirmation that new funding will not come at the expense of higher costs or tax burdens. In short, the retail industry has broadly welcomed the Spending Review's focus on policing, transport and skills. However, concerns persist over crime levels, the pace of business rates reform and potential fiscal pressures ahead. As the government moves toward its autumn Budget, retailers will gauge whether the commitments translate into tangible relief on high streets across the UK. "UK retailers cautious as Spending Review outlines key reforms" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
