Could facilities management cost reduction help those affected by VAT rises?
May 28th 15:39 Cost Management
¬Increasing the UK's VAT rate to 20 per cent could cost the country's retailers £3.6 billion in lost takings over the next four years, according to one industry body.
This could inspire a number of businesses to adopt facilities management cost control processes in a bid to protect their profit margins.
Figures recently published by the British Retail Consortium (BRC) have estimated that a 2.5 per cent rise in VAT will see 163,000 jobs lost by 2014.
Consumer confidence will also be knocked, resulting in a spend reduction of £3.6 billion over the same period, the BRC said.
BRC director general Stephen Robertson said: "For the first time we have clear, independent evidence showing VAT and National Insurance increases will have a deep and long-lasting impact on jobs and growth.
"Business growth will get the country out of the hole it's in, led by retail. The government must now deliver a route to stability that supports companies and customers by avoiding damaging tax rises."
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