Markets and Market Traders (Review of Support)

Slowly the market industry is returning from the financial, community and personal damages of covid. The recovery has seen some markets enjoying success and attracting investment as part of exciting regeneration schemes, but for others the picture is still not encouraging.

The NABMA 2022 survey was the first meaningful assessment of the state of the markets industry since the pandemic. The main headlines and questions arising from the survey of 241 markets were, first, that stall occupancy has fallen from a national average of 77% four years ago to 72%. Street markets and outdoor covered markets have seen the greatest decline. How can we reverse that? More markets are operating at a loss—a 6% increase from four years ago. Only 40% of markets are trading with a surplus. Is that sustainable, and how can it be reversed?

Markets feature heavily as part of town and city centre regeneration for a number of local authorities. How can Government funding be attracted to deliver successful and modern markets? Traditional family businesses are declining, particularly specialist businesses such as butchers and fishmongers. How does the market industry attract new and younger traders?

Markets are at the heart of local communities and are a part of local history. They also have a key role to play in the future of communities and Government initiatives, particularly levelling up. A key area for the Government to address is business rates. In 2022, business rates assessed on markets totalled over £20 million. The Chancellor announced the relief of business rates for many businesses but, due to an anomaly, local authority markets do not enjoy the benefits of that measure. Due to restrictions in local authority finance legislation, a local authority cannot grant a concession to itself on business rates, whereas private markets can take advantage of the benefit. Therefore, as a key part of the review called for in this Bill, the Government should look at extending business rate relief to local authority markets, including parish, town and community councils. Markets operated under charitable trusts should also be beneficiaries.

The markets industry has taken several important initiatives via NABMA and NMTF to address areas that need more support. Those initiatives point to the areas in which the Government could focus their support for the industry. First, recognising the fall in market occupancy and local businesses, the industry is delivering a Grow a Business campaign in 2023 to attract more individuals to try out market trading. That is especially for young traders but also individuals who are looking at a second or new career. Part of the historic success of market trading is seeing small businesses prosper and grow and then move into the local high street. Never has that been more important.

Secondly, the industry’s Young Traders Market campaign celebrated its 10th anniversary in 2022. From relatively small beginnings, it has grown into an incredibly successful campaign. The winners go on to 10 regional finals involving 250 young people of whom 90 go the national final held in Stratford-upon-Avon. Many sustainable businesses were created during the campaign. It is a flagship for the industry.

Thirdly, the Love Your Local Market campaign has gone from strength to strength over the last 12 years. Its origins lay in the Mary Portas review into the future of the high streets, commissioned by former Prime Minister David Cameron in 2011. The Government at the time were concerned by the same issues as the Government today, such as the contraction of retail. They sought to deliver real change in communities and make towns multi-functional places to live, work and visit. Markets featured prominently in the Portas report, which said,

“markets can serve as fundamental traffic drivers back to our High Streets”.

The Love Your Local Market campaign, which is now in its 12th year, attracts more and more support and is celebrated in more than 25 countries around the world. The Government provided funding to launch the campaign, which serves as an important catalyst for change.

In conclusion, the value of markets to local communities is widely recognised. I know that the Government are keen to be as supporting as possible. This Bill calls for a Government review of the support available to markets. Options for improving that support would be welcomed with open arms by market operators and traders alike, and would bring lasting benefits to our communities across the length and breadth of the UK.

That Simon Baynes, Sarah Atherton, Paul Bristow, James Daly, Sally-Ann Hart, Mr David Jones, Ben Lake, Robin Millar, Robbie Moore, Helen Morgan, Jim Shannon and Matt Vickers present the Bill.

Simon Baynes accordingly presented the Bill.