Food and Drink Federation offers cautious welcome to Chancellor Rishi Sunak’s latest UK budget

Published Oct 28, 2021

Tridge summary

The UK’s Food and Drink Federation (FDF) has offered a cautious welcome to chancellor Rishi Sunak’s autumn budget today, which promised support for many areas of the economy with a spending round totalling £150 billion, reports Neill Barston. Among the core measures confirmed was a commitment to reforming the present, much criticised business rates system, with a 50% discount for hard-hit retail and hospitality firms, many of which have struggled amid the pandemic and lockdown measures.

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While the FDF, which represents a wide range of businesses from across the sector, including those within the confectionery, snacks and bakery markets, felt there were promising elements to the chancellor’s autumn statement, it stressed concerns regarding the ongoing labour shortage that has resulted in major supply chain challenges and staffing shortages at retailing hospitality venues across the country. The latest budget comes as the UK economy was predicted to return to pre-covid levels by 2022, experiencing growth of 6.5% this year, despite a number of challenges impacting on business sectors including the pandemic and post-Brexit trading issues that have notably increased the cost and logistical requirements surrounding trade with the UK’s closest neighbours within Europe. Ian Wright CBE, Chief Executive, Food and Drink Federation, noted there remained concerns regarding the level of inflation, as well as a perceived lack of identifying support for logistics chains that ...
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