“The Chancellor has delivered a ‘Revel game’ for the retail sector. On the one hand there are reasons to be cheerful. The forecast wage rate inflation will ring through the tills in 2015 and this will be music to retailers’ ears.
“Business rate relief and R&D tax credits will help small retailers, who find it hard to compete with the bigger players’ ability to invest. This investment is crucial to satisfy the demands of today’s consumers and will help these retailers grow.
“The Northern Powerhouse will give a long term shot in the arm to an area that has suffered most from industrial evolution. It tackles the single currency, dual economy that has developed in the UK. The region is home to some of the UK’s best retailers, but all will benefit from the economic uplift that this strategy will deliver.
“Unfortunately other regions of the UK were not dealt such a helping hand, and the Government failed to bring forward any proposals for fiscal devolution for UK cities.
“And whilst the Chancellor has provided relief to some on business rates, he has very much left its reform on his to do list.”
Zoe Sheppard, KPMG Corporate Communications
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KPMG Press office: +44 (0) 207 694 8773
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.