Commenting on the outcome of the General Election today and the potential effects on retailers and consumers, David McCorquodale, Head of Retail at KPMG in the UK, said:
“Retailers will welcome the stability of a majority government that can allow them to plan for longer term investment decisions. The alternative of potential coalitions and ‘vote by vote’ deals may well have led to business holding back from investment.
“Retailers continue to face significant investment requirements in systems and logistics to adapt to an omnichannel environment and meet changing consumer demands and a stable government gives a great degree of comfort to make longer term investment decisions.
“As for the consumer, elections don’t tend to have an instant impact on consumer confidence but the consumer will be looking for the new government to deliver on its promises of improving the economy as greater job security and wage rate inflation are what drive consumer demand.”
Jess Liebmann, KPMG Corporate Communications
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 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.