answer text |
<p>My Department monitors high street economic activity closely. Sales data from BDO
High Street tracker<sup><sup>[1]</sup></sup> show that total in-store sales grew 5.1%
in June 2023, driven by strong fashion sales (+7.2%), with in-store sales now 14.8%
above June 2022 levels. Data from the British Retail Consortium<sup><sup>[2]</sup></sup>
show that high-street footfall increased by 0.6% in June 2023 compared with the same
month in the previous year, up from -0.5% in May.</p><p> </p><p>ONS data<sup><sup>[3]</sup></sup>
show that in 2022, both the hospitality and retail sectors had a business death rate
of 15%.<sup><sup>[4]</sup></sup> More recently, business deaths increased in hospitality
(+44%) and retail (+20%) in Quarter 1 2023 compared with the previous quarter. However,
business creations in both sectors also increased over the same period, with creations
in the hospitality and retail sectors up 30% and 16% respectively.</p><p> </p><p>Government
recognises the pressures faced by high street businesses, which is why the Autumn
Statement 2022 announced a package of changes to business rates worth £13.6bn over
the next 5 years in lower bills. This is in addition to the Energy Bills Discount
Scheme.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p>[1] <a href="https://www.bdo.co.uk/en-gb/high-street-sales-tracker/previous-reports"
target="_blank">https://www.bdo.co.uk/en-gb/high-street-sales-tracker/previous-reports</a></p><p>[2]
<a href="https://brc.org.uk/news/corporate-affairs/footfall-slowed-during-june-heatwave/"
target="_blank">https://brc.org.uk/news/corporate-affairs/footfall-slowed-during-june-heatwave/</a></p><p>[3]<a
href="https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/datasets/businessdemographyquarterlyexperimentalstatisticsuk"
target="_blank">https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/datasets/businessdemographyquarterlyexperimentalstatisticsuk</a></p><p>[4]
Business deaths as the proportion of the total number of businesses in each sector.
Business counts data taken from ONS business counts data here: <a href="https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/datasets/ukbusinessactivitysizeandlocation"
target="_blank">https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/datasets/ukbusinessactivitysizeandlocation</a></p><p>
</p><p> </p>
|
|