Economy
The latest news, updates and analysis on the economy and how it is affecting the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Oct- 2024 -23 October
M&S boss calls tax rises ‘the easy way out’ ahead of budget
M&S CEO Stuart Machin has accused chancellor Rachel Reeves of “taking the easy way out” amid reports she is considering a slew of tax increases in the budget. In an open letter written in The Times, Machin stated that he hoped reports of an increase in employer national insurance contributions…
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18 October
Tech stores help retail sales beat expectations in September
Retail sales volumes are estimated to have risen by 0.3% in September 2024, beating expectations thanks to strong demand in tech stores, according to the latest figures from the ONS. While the increase was lower than the 1.0% experienced in August, analysts had predicted a 0.3% decline for the month.…
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16 October
Inflation falls to lowest rate in over three years
UK inflation fell to 1.7% in September, down from 2.2% in August, marking the lowest rate in over three years.This means inflation is now below the Bank of England’s 2% target, meaning the bank may face pressure to cut interest rates next month. According to the Office for National Statistics,…
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8 October
September retail sales see biggest boost in half a year
UK Total retail sales increased by 2% year on year in September marking the largest increase in over six months, according to the latest BRC-KPMG Retail Sales Monitor. Food sales increased 3.1% year-on-year over the three months to September, against a growth of 7.4% in September 2023. This is below…
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2 October
Shop prices move further into deflation
Shop Price deflation was at 0.6% in September, down from deflation of 0.3% in the previous month and below the three-month average rate of -0.3%, according to the latest figures from the BRC-NielsenIQ shop price index. This means shop price annual growth was at its lowest rate since August 2021.…
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Sep- 2024 -19 September
BoE holds interest rates at 5%
The Bank of England (BoE) has decided to hold interest rates at 5% this month, having lowered them for the first time in four years in August. The bank voted by a majority of 8-1 to keep the rate the same in a bid to help “sustain growth and employment”.…
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18 September
UK Till sales slow to 4% this month, NIQ finds
Total Till sales growth at UK supermarkets slowed to 4% in the four weeks ending 7 September, down from 5.5% in August, according to NIQ. New data revealed that the slowdown in growth is likely due to cool weather and a return to regular routines for shoppers after the summer…
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18 September
Inflation holds steady at 2.2% in August
The rate of inflation remained steady at 2.2% in August, unchanged since July, yet is still above the Bank of England’s target of 2%.Although food and energy prices continued to fall over the month, this was in part offset by transport, where prices rose by 1.2% in the month. This…
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11 September
UK economy stagnates for second consecutive month
The UK economy experienced no growth for the second consecutive month in July, underperforming analysts’ expectations of 0.2% growth for the month. The latest figures from the Office for National Statistics (ONS) show that services output is estimated to have increased by 0.1% in July 2024, following a decrease of…
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3 September
August sales jump 1% YOY despite weak back to school performance
UK Total retail sales increased by 1.0% year on year in August, against a growth of 4.1% in August 2023, despite back to school sales performing weaker than expected, according to the latest BRC-KPMG Retail Sales Monitor. The performance was above the three-month average growth of 0.4% and below the…
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