Chancellor must put stability first, says Richer Sounds boss JULIE ABRAHAM
For retailers, November is usually a time of optimism – the crucial run-up to Christmas when stores see months of hard work pay off. But this year, much of that sense of anticipation has been replaced by anxiety.
Costs for retailers have risen sharply in recent years – from energy and transport, to wages and business rates. Last year’s Budget piled on immense pressure, adding millions in new costs across the industry, with higher employer National Insurance contributions.
But for many of us, cost isn’t the only challenge we face – it’s uncertainty.
While last year’s announcement of a permanent reduction in business rates for retail and hospitality was welcome, we do not know what this reduction will be, and whether it will be enough to make a meaningful difference.
Uncertainty makes it harder for retailers like us to decide whether to refurbish a store, hire more colleagues, or invest in new technology.
It affects confidence right through the chain: from the customer deciding whether to make a big purchase, to the store manager weighing up next year’s costs.
British home entertainment retailer Richer Sounds was founded by Julian Richer in 1978
At Richer Sounds, we know how vital that confidence is. Each of our stores provides local jobs, investment and footfall within the wider high street. When businesses have the confidence to invest, those jobs grow and our communities thrive. When uncertainty takes over, that investment stalls.
Even the timing of this year’s Budget matters.
Falling just two days before Black Friday – one of the most important trading periods of the year for many retailers, and particularly electrical retailers like us – it comes at a moment when stability is most needed. This is the time when momentum builds toward Christmas trading, when consumer confidence should be at its strongest. Yet instead, we’re left waiting to see whether new costs or changes will be announced that could upend months of planning.
Labour has made growth and revitalising high streets central to its mission. Retailers share that goal. But achieving it requires more than ambition – it requires strong leadership, stability, clarity and a predictable policy environment that allows us to plan and invest with confidence.
This Budget is an opportunity for the Chancellor to provide that certainty: to confirm how the new rates discount will work in practice, to give businesses clarity on future costs, and to avoid sudden tax increases that undermine investment.
With the right support, businesses like ours can continue to invest locally, provide skilled and flexible jobs, and help strengthen high streets across the country. Every Richer Sounds store is part of a community – when we thrive, so does the local café, the nearby restaurant, the small businesses that share our streets.
If the Government can provide the stability and confidence the sector needs, retailers will do what they’ve always done: drive growth, support families, and bring life back to Britain’s high streets. But if uncertainty continues to cloud every decision, investment will slow, jobs will be at risk, and one of the country’s most dynamic sectors could lose momentum at the very moment it’s needed most.
With stability and clarity, the retail sector can do what it does best – invest, innovate, and help deliver the growth Britain needs.
Julie Abraham is the chief executive of Richer Sound
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