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Press release
15 Mar 2023
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London, GB
EY Budget commentary: Impact of Spring Budget on the retail sector
Amber Mace, UK&I Consumer Products & Retail Sector Leader, comments on the Spring 2023 Budget and its impact on the retail sector.
“The Chancellor’s announcement of full expensing of capital expenditure for the next three years will be welcome news for consumer products and retail businesses, with the move at least partially offsetting the corporation tax rate rise from 19% to 25% next month.
“Towns and cities that are dependent on their High Streets have been particularly affected by the squeeze on consumer spending, but details of 12 new proposed UK Investment Zones could see accelerated development, time-limited tax benefits and wider support for local growth within towns and cities across the UK. This, combined with overseas R&D costs remaining allowable for another year, should also have a positive impact for the sector. The labour market measures also appear supportive, with retail likely to welcome childcare reform in helping both current employees and others looking to return to work – although the benefit will not be felt for some time given the staged rollout.”
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