Retail bosses have welcomed the news that Labour won yesterday’s general election, putting an end to 14 years of Conservative rule.
Iceland boss Richard Walker labelled the win as a “historic night for politics”, while AO chief executive John Roberts said Labour now has “overwhelming mandate for change”.
Majestic CEO John Colley said he hopes the landslide win for Labour will bring “provide a boost for consumer confidence, which as we all know has been suffering for a long time”.
However, the sector has wasted no time in calling for the new government, led by Sir Kier Starmer, to act on the retail’s most pressing matters.
Currys chief executive Alex Baldock said: “Retail matters. We account for 3 million jobs and £17bn of tax, and can play a starring role in helping the new Government power growth, jobs and prosperity for all.
“Retailers are looking for stability, of course, but also for Government to provide the conditions for growth, through better skills, infrastructure and planning. Most of all, we must urgently fix the broken, damaging and unfair burden of business rates,” he said, adding that Currys “will engage with them all the way”.
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Colley reiterated Baldock’s calls for reform on the “archaic” business rates system, which Labour promised to overhaul last month.
“It’s been a problem for years and has been highlighted as a contributing factor for a number of major retailers who have gone out of business over the past two decades,” he said.
“The tax has become archaic in a world of multichannel retailing, it’s been crying out for reform for a long time, and I would urge the new government to finally deliver a fundamental review after years of seeing the can kicked down the road.”
He also urged the new government to scrap the “ill-conceived” new alcohol excise duty regime that’s due to come into effect from 1 February 2025.
“It is an unnecessarily bureaucratic system, which will add huge cost and complexity for businesses, and threaten jobs and livelihoods – particularly at the 900 independent wine merchants operating across the UK. We would urge the new Chancellor to put a stop to this policy before it is too late.”
Unibail-Rodamco-Westfield COO Scott Parsons asked for two simple requests: “The first is to do what no previous government has been able to achieve and reform business rates once and for all, and the second is to abolish tourist tax.”
Meanwhile, AO’s Roberts took a moment to reflect on what the result means for the next generation, adding the first job of this new Government “has to be to give the nation’s kids some badly needed hope for the future”.
“That means things like restoring investment in youth services with the help of private philanthropy and business, or reforming the disastrous Apprenticeship Levy.
“It’ll need fresh, long-term thinking and a willingness to empower people and organisations with proven track records to deliver it,” said Roberts, who has been a youth campaigner for over 30-years.
He added: “The people have spoken, and Labour now has an overwhelming mandate for change. That means no more excuses. The time for talking is over – it’s time to do.”
Similarly, British Retail Consortium boss Helen Dickinson said she was looking forward to “getting down to business” with new government and “turning commitments into delivery.”
“Labour’s manifesto made some crucial commitments for retail, from reforming business rates, planning and the apprenticeship levy, to introducing a specific offence for assaulting a retail worker, and we now await the details of how these will be taken forward.
“Labour recognised that the business rates system is broken. With retail paying 22% of the total rates bill while accounting for 5% of the economy, it is the number one thing in the way of increased retail investment which could unlock growth across the economy.”
New West End Company chief executive Dee Corsi said today’s result will bring “much-needed certainty to businesses across the capital”.
“Labour’s promise to deliver economic growth for Britain is reassuring for all who want to see our high streets thrive, and the new Government’s commitment to tackling a troubling rise in retail crime, reforming the outdated planning system holding back investment, and revising the burdensome business rates system is encouraging.
“Now, over the next 100 days, we must see swift action to turn these pledges into credible policies, constructed in close dialogue with the business community. If the new Government is truly committed to delivering growth for the UK, it is absolutely critical that businesses are invited to help shape the solutions to these thorny issues.”
Ros Morgan, CEO of Heart of London Business Alliance (HOLBA), which represents over 600 businesses and property owners across the West End, including the Piccadilly, St James’s and Piccadilly Circus said: “With political alignment locally, regionally and nationally for the first time in a long time, there is hopefully now an opportunity to make a big difference on the key issues impacting London’s West End, such as the return of tax-free shopping for our international visitors, anti-social behaviour, rough sleeping and transport policy.
“The Heart of London area currently generates £10bn for the UK economy and supports over 100,000 jobs – we look forward to working with the new Government and our new MP to achieve their and our priorities, with a particular focus on boosting economic growth.”
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