As a result, retail margins will be held at the current cash rates for a period of six months.”In response, the Fed’s national president Mo Razzaq said: “In real terms, retailers’ profit margins are actually being cut for the next six months. So, yet again, retailers are going to lose out while the publisher makes more money off the back of their hard work. “Just a week ago, at our annual conference, News UK’s chief operating officer David Dinsmore spoke about the importance of independent retailers and protecting the written word. This latest move flies in the face of working collaboratively and is a significant disappointment. The Times does not enjoy the same subscriber levels of other newspapers, and it is unfair to treat counter sales and subscriber sales in the same way.