Finance economics economy money inflation cost of living crisis bills fuel debt

After what seems like a long and drawn-out process, a new prime minister is finally in place at No.10 Downing Street.

The in-tray of issues awaiting Liz Truss is a considerable one and will require to be taken forward as a matter of urgency.

The UK economy, businesses and the public are very much depending on it.

The UK economy is characterised by soaring inflation and rising interest rates and there is no light at the end of the tunnel, at least for the time being. Convenience stores up and the down the country proved themselves to be core community assets throughout the pandemic by providing a key grocery offering and vital services to customers.

However, they are now having to contend with eye watering energy and fuel prices, the implications of Brexit and the war in Ukraine and the impact this has had on the supply chain and cost of sourcing products.

Throughout the summer, it has felt that many of these issues have had to take a back seat to the prime ministerial leadership campaign while retailers struggle to literally keep the lights on in their stores.

Let’s not forget that the public, too, are struggling with the cost-of-living crisis, with many unable to pay their rising bills.

Customers have tough decisions to make, and that includes choosing whether to heat or eat.

Reduced customer spend, in turn, affects the retailer, who sees their shop turnover fall exponentially and brings into immediate focus their ongoing survival.

Convenience stores generate a vital multiplier effect in their local communities in terms of supporting and generating local employment opportunities, helping local suppliers and other businesses to thrive and promoting economic prosperity.

The government needs to move quickly with supporting measures such as taking retail out of business rates, reducing corporation tax to 15% to allow investment and putting a cap on business energy costs.

This would be a start – the prime minister needs to take retail out the pending tray and provide it with support now.

Read more of our expert opinion on the independent retail sector