2 minute read
Bira
Money, money, money
CEO Andrew Goodacre
CEO Andrew Goodacre from the British Independent Retailers Association discusses how to meet the ever-changing needs of independent retailers
Let’s ‘start’ at the beginning.
When I say ‘beginning’ I am referring to the March Budget, when Rishi Sunak announced that hard-hit businesses would be eligible for a Restart Grant.
A pot of cash - up to £6000 in some cases – for retail businesses in England preparing to reopen on 12 April. And while some retailers were only set to receive £2,700, it was still something to get things started after months and months of closed shutters.
Except, despite the Government handing out around £3.4 billion to local authorities, for many, the money didn’t come. Far from being a Restart Grant, the money just sat in the bank accounts of local councils – and in some case is still there.
New data from the Government shows which local authorities have dished the cash out and it varies greatly between regions. For example, in East Riding, Yorkshire Council has issued £23.7 million in grants to 3141 businesses in the retail, hospitality and leisure sectors under the scheme up to the end of May. It came from a £25.1 million pot given to
the council, which leaves £1.4 million to still give away by the end this month.
What is obvious though is there is still money to deliver to businesses; of the £3.4 billion, just £2.6 billion has arrived in the pockets of retailers.
By my calculations that leaves £800 million to be distributed to fragile businesses when they needed it most, and I cannot express enough Bira’s disappointment in this. If that cash cannot be speedily distributed, then it needs reallocating to those who will need it next.
From 16 August only the double-vaccinated are exempt from self-isolation rules meaning that many staff who work in retail will still be absent from work if Covid cases strike. For some small businesses, relying on young, part-time workers, that can be debilitating – often meaning a temporary closure of premises.
When this happens, these businesses will need a ready fund to keep them afloat – or risk further high street traders going to the wall. And so, if there is money left over from the Restart Grant fund, Bira is recommending it’s made available to these retailers.
It certainly would be a start.
bira.co.uk
