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<p>Consumer confidence has strengthened considerably over the past year. The March
2024 release of the GfK index indicated that consumer confidence was 15 points stronger
than in March 2023. <br> <br>Government continues to back consumers and retailers.
With the economy beginning to turn a corner, we are now able to make responsible tax
cuts to boost growth while meeting the fiscal rules to ensure sustainable public finances.
These include cutting the employee main rate of National Insurance to 8%, which will
make an average worker on £35,400 over £900 a year better off than before.</p><p>At
Autumn Statement 2023 we extended Retail, Hospitality and Leisure relief for 2024-5,
a tax cut worth £2.4 billion, and froze the small business multiplier for a fourth
consecutive year. At Spring Budget 2024, the government went further still by supporting
small retailers by increasing the VAT registration threshold to £90,000 and extending
the Recovery Loan Scheme, now the Growth Guarantee Scheme.</p><p>Consumer confidence
is intrinsically linked to inflation, household finances and the broader economic
outlook. To sustain consumer confidence, consumers need to feel assured that their
government is taking the long-term decisions necessary to strengthen the economy and
build a brighter future.</p><p>Combined, recent policy measures will place more money
in people’s pockets, helping boost consumer confidence, and strengthen the UK’s retail
sector.</p>
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