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Press Release

Turning the Corner - Preserving and Promoting Retail Opportunities

15 April 2009

The UK economy will have its toughest year in decades in 2009. Retailing is in the front line, with closures of up to 15% of High Street stores and 200,000 job losses this year forecast by some observers. Falling sales and prices combined with rising costs are squeezing margins hard. Coming on top of reduced access to credit and withdrawal of trade credit insurance, choking off supply lines, retailers have no option other than to cut out stores that are haemorrhaging profit and take prudent steps to reduce costs elsewhere.

Retailing is at the heart of every community and retailers will play a vital role in the eventual economic recovery. We need to ensure that the medicine doesn’t kill the patient first. Retailing needs the right assistance – not handouts but the removal of handicaps.

This Budget submission puts the case to the Government to preserve opportunities by avoiding the imposition of additional costs on retailing, and to promote new opportunities by investing for the future to secure recovery.

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British Retail Consortium

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