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UK Shops Warn: Cost Surge Threatens Retailers
27 Oct
Summary
- Shop prices rose 2.1% year-on-year in October.
- This marks the fastest price increase in two-and-a-half years.
- Retailers urge government to cut property and employment taxes.
Retail prices across Britain have surged at their fastest pace in two-and-a-half years, with October's figures showing a 2.1% annual increase. This marks a significant jump from the 1.4% rise recorded in September.
The British Retail Consortium (BRC) has issued a stark warning, stating that the retail sector is struggling to absorb the escalating costs it has shouldered over the past two years. BRC Chief Executive Helen Dickinson specifically called for government intervention.
Dickinson urged the finance minister, John Healey, to consider lowering retailers' property taxes and employment costs. This plea comes ahead of Healey's first annual budget, highlighting the urgent financial pressures facing the nation's shops.
