Member News
Retailers have called on the chancellor to announce "a credible plan for economic growth in which retail can power the recovery".
New research from the British Retail Consortium(BRC) published ahead of George Osborne's autumn statement to the Commons tomorrow highlights the sector's importance to the UK economy.
It accounts for more than 10% of all jobs and 20% of GDP with £180bn of goods purchased for resale and £47bn of goods and services used by retailers themselves.
The BRC is calling on the chancellor to keep control of costs such as business rates and the minimum wage, scrap nect year's planned fuel duty increases and help open up export markets such as EU e-commerce opportunities.
The retailers also want ministers to deliver on promises to cut red tape.
The BRC's latest retail market monitoring shows overall retail sales flatlining, the biggest footfall drop since last December's blizzards, total retail employment down 23,000 on a year ago and retailers offering fewer temporary jobs this Christmas.
Toon Clerckx, Boots Finance Director and BRC Board member chairing the UK Retailing project, said: "UK retailing is a great sector making a great contribution to the economy and wider society. Our report focuses on what needs to happen to make sure it stays that way.
"In particular, our role in tackling youth unemployment and delivering training and education is critical to the country. A third of all retail employees are under 25 and we invest in them - spending more per head on training than either the finance sector or manufacturing. I want people to see these facts and say, 'I can see how much retailers matter. They're getting kids off the streets and into jobs with a future'.
"We want to go on being the number one employer of young people but the Government's choices will make or break our ability to do that."
BRC Director General Stephen Robertson said: "Eighteen months in, with the economy stalling, the need for the Government to deliver real growth - not just more promises - is all the more urgent. Our unique new evidence shows the scale of the retail sector's actual and potential contribution as a wealth creator, tax payer, jobs provider and innovator. But with sales flatlining and many of our costs increasing, that contribution cannot be taken for granted."
UK Retailing: Leading Globally, Serving Locally was produced for the BRC by Oxford Economics and the Oxford Institute of Retail Management.
Dods Parliamentary Communications Ltd