Retail Trade

Department for Business and Trade written question – answered am ar 16 Mai 2024.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Lord Taylor of Warwick Lord Taylor of Warwick Non-affiliated

To ask His Majesty's Government, following reports of non-food item deflation, what assessment they have made of the impact of this on (1) employment, and (2) business profitability, in the retail sector.

Photo of Lord Offord of Garvel Lord Offord of Garvel Parliamentary Under Secretary of State (Department for Business and Trade)

The government is continuing to pursue an ambitious policy agenda to increase sustainable economic growth and productivity across the economy. This includes making full expensing permanent, backing the UK’s priority growth sectors and announcing measures to boost labour supply. Across Spring Budget 2023, Autumn Statement 2023 and Spring Budget 2024 tax and labour market measures increase total hours worked by the equivalent of more than 300,000 full-time workers by 2028-29.

Whilst consumers will undoubtedly welcome lower shop price inflation, government continues to provide the right environment to help retailers grow, such as by extending Retail, Hospitality and Leisure relief for 2024-25, a tax cut worth nearly £2.4 billion

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