Just when the retail business sector thought it was pulling out of a recession, it is now facing the critical question: how far can it tighten its belt? The High Streets in County Down and across Northern Ireland will be preparing for the worst and hoping for the best.
Responding to today’s British Retail Consortium report that high Business Rates and the National Living Wage could result in 900,000 fewer retail jobs, NIIRTA has urged the Chancellor to do more to address the high business costs in his Budget on 16th March.A NIIRTA delegation will be meeting with the Secretary of State for Northern Ireland this Thursday to discuss the Budget.
NIIRTA Chief Executive Glyn Roberts said: “Small traders are facing a perfect storm of business costs with the Rates Revaluation, the National Living Wage and Auto Enrolment Pensions.
“Our members will be facing a nearly 50% increase in their Wages Bill as a result of the Living Wage and Auto-Enrolment, not to mention many of them paying up to 100% extra in their rates bill.
“Given that 99% of all local business is small, the impact of the National Living Wage will have a particular detrimental impact on our indigenous business base.
“It is the cumulative impact of all these costs and red tape which narrow margins and restrict their growth potential. A number of our members have indicated that expansion plans for their businesses are being put on hold as they struggle to afford to pay these crippling costs”
“Unless the issue of high costs is addressed, the creation of jobs and new investment will be reduced at time when Government needs to be doing more to support our private sector.
“In principle, NIIRTA is not opposed to the National Living Wage, but the Chancellor in his 16th March Budget, needs to give small traders greater tax relief to alleviate the big jump in their wages bill.
“NIIRTA has already outlined radical reform in Business Rates in our Programme for Government and will continue to engage with local political parties to ensure their Assembly Election manifestos include this policy priority.”
