Financial News: British Retailers Plan To Raise Prices In 2025:

British Retailers Plan To Raise Prices In 2025: BRC

01/15/2025 - 02:21:00 (RTTNews)

(RTTNews) - UK retailers plan to increase prices this year in response to increased National Insurance costs, according to a survey of Chief Financial Officers, conducted by the British Retail Consortium.

Two-thirds of respondents said they will lift prices and around half said they would be reducing number of hours/overtime work.

The impact of the budget on business investment was also clear. About 46 percent of CFOs said they would 'reduce capital expenditure' and 25 percent said they would 'delay new store openings.'

Further, about 70 percent of respondents were "pessimistic" or "very pessimistic" about trading conditions over the coming 12 months.

Top three concerns of CFOs were falling demand for goods and services, inflation for goods and services, and the increasing tax and regulatory burden.

"With the Budget adding over £7bn to their bills in 2025, retailers are now facing into the difficult decisions about future investment, employment and pricing," BRC Chief Executive Helen Dickinson said.

"Government can still take steps to shore up retail investment and confidence," Dickinson added. "Business rates remain the biggest roadblock to new shops and jobs, with retailers paying over a fifth of the total rates bill," said Dickinson.

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