Chancellor 'needs to support retail growth'

The British Retail Consortium (BRC) has called on chancellor of the exchequer George Osborne to take more action to support retail growth.

In a submission to the minister ahead of next month's budget, the trade body advised conditions need to be created that encourage companies to turn cash into investment, as economic uncertainty is thought to be holding them back from doing this.

Measures to increase the country's competitiveness were also recommended, as firms need more incentive to invest in the UK than abroad, as this will also make a positive contribution to a sustainable national recovery.

Indeed, the industry is likely to require as much support for growth as possible, as Phil Wrigley, chairman of Majestic Wine and former director of companies such as New Look and Debenhams, claimed it is in a "death spiral" of store closures.

"Retail investment is globally mobile. Overseas markets have become increasingly attractive," explained BRC director-general Stephen Robertson, adding: "To secure serious growth the chancellor needs genuinely to deliver on making the UK more competitive."