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- 2023 -12 October
UK economy improves slightly in August
The UK economy is estimated to have grown by 0.2% in August 2023, following a fall of 0.6% in July 2023, according to the latest figures from the ONS. Looking at the broader picture, GDP showed 0.3% growth in the three months to August 2023 when compared with the three…
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3 October
Sustainable retail could boost local economies by £100m, Landsec finds
Brands in a sustainable retail destination could see revenues increase by up to 13% over the next 10 years, leading to a potential boost of up to £100m for local economies, Landsec research has found. According to the research, this would come from overall footfall for such destinations could see…
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Sep- 2023 -29 September
UK households will have £3bn less to spend this Christmas, report finds
UK households are expected to have £3bn less to spend this Christmas compared with last year, according to new research from ecommerce delivery groups ShipEngine and ShipStation, in partnership with Retail Economics. It comes as high levels of inflation have “continued to erode spending power for many households as the…
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28 September
BPF calls for extended empty rates relief
The British Property Federation (BPF) has called on the government to extend the business rates relief for empty properties to 12 months. The Federation has also called upon the government to reintroduce a 50% rate cut for long term empty stores. As it currently stands, owners of vacant stores are…
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21 September
Bank of England keeps interest rates unchanged at 5.25%
Following 14 straight rate rises, the Bank of England (BoE) has kept interest rates unchanged at 5.25%. At its latest meeting, the Monetary Policy Committee (MPC) voted by a slim majority of 5–4 to maintain the current rate, though four members preferred to increase the rate to 5.5%. The MPC…
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20 September
Ofgem urged to act on rates as consultation into broker fees ends
Ofgem has been urged to act on “out of contract” rates by Box Power, the same social enterprise which helped force a consultation on hidden broker fees. This comes as the consultation on transparency for energy broker fees has now ended, with Box Power CEO Corin Dalby saying the regulator…
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20 September
Inflation ‘unexpectedly’ falls to 6.7%
The headline rate of inflation has fallen by 0.1% to 6.7% in August, according to the latest data from the Office for National Statistics (ONS), despite prior concerns from economists that the rate was set to rise. The largest downward contributions to the monthly change in annual rates came from…
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12 September
Wage growth starts to outpace rate of inflation
Pay growth has caught up with the rate of inflation for the first time in nearly two years, as wages surged at a record rate in the last quarter, official figures have shown. According to the Office for National Statistics (ONS), earnings, excluding bonuses, rose by 7.8% between May and…
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11 September
Retail leaders call for business rates freeze
Leaders of major retail businesses have written to chancellor Jeremy Hunt calling for a freeze in business rates in the upcoming budget, according to the Times. The CEOs of 44 of the UK’s biggest retailers such as Aldi and Ikea believe that more than £400m would be added to rates…
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Aug- 2023 -18 August
Poor weather drags down retail sales 1.2% in July
Retail sales volumes are estimated to have fallen by 1.2% in July 2023 following a rise of 0.6% in June 2023 as poor weather is thought to have deterred shoppers, according to the latest figures from the Office for National Statistics (ONS). Food stores sales volumes fell by 2.6% in…
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