A new survey by the British Retail Consortium (BRC) highlights rising public concern over the cost of living, with 57% of respondents citing "prices rising faster than wages" as their primary worry. Among working people, this figure rises to 61%, surpassing concerns over tax increases (49%) and unemployment (26%).
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Recent Office for National Statistics data show inflation at 3.8%, nearly double the Bank of England's 2% target, with food inflation reaching 5.1%—the highest level since the 2022/23 cost-of-living crisis. Retail price inflation has been driven by higher employment costs and a new packaging tax introduced in the previous Budget.
Helen Dickinson, Chief Executive of the BRC, stated:
"The Government risks losing the battle against inflation and working families are understandably worried. With many people barely recovering from the last cost of living crisis, the Chancellor will want to protect households and enable retailers to continue doing everything they can to hold back prices."
The BRC warns that further tax rises, particularly including large shops in the new business rates surtax for properties over £500,000, could push food prices even higher. Dickinson urges the government to remove all shops from the surtax without cost to the taxpayer to demonstrate a clear commitment to reducing inflation.
More information:
British Retail Consortium
[email protected]
www.brc.org.uk
