Fed Members Report Continued Economic Pessimism in IRC Survey

The Fed’s National President, Hetal Patel, has pointed to widespread concern in the retail sector, highlighted by results of the quarterly Independent Retail Confederation (IRC) Heartbeat Survey.

The Fed conducted the Heartbeat survey earlier this month in conjunction with IRC colleagues and results now reveal that more than 80% of members as a whole reported Q1 was lower than the final Quarter of 2025.

Though Q1 is traditionally a quiet quarter of the year, many IRC members expressed concern, with more than 80% of Fed members surveyed saying they lacked confidence about the rest of the year. Head winds cited included cost pressures linked to higher National Insurance Contributions, Business Rate bill increases, higher energy costs linked to the war in Iran – as well as general poor consumer sentiment.

Fed National President, Hetal Patel said: “This is a worrying time for small shops across Britain, and the Fed continues to work with our colleagues in the IRC to ask the Government to put retail at the heart of its economic and political agenda.”