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.
-
Apr- 2023 -13 April
UK economy flatlines in Feb
Real gross domestic product (GDP) is estimated to have shown no growth in February 2023, where falls in services and production were offset by growth in construction, according to the latest figures from the Office for National Statistics (ONS). The services sector fell by 0.1% in February 2023, after growing…
Read More » -
Mar- 2023 -31 March
UK economy avoids recession amid 0.1% growth
The UK economy narrowly avoided a recession during the fourth quarter (Oct-Dec) as UK GDP increased 0.1%, revised up from no growth, according to the latest data from the ONS. In output terms, the services sector grew by 0.1% and the construction sector grew by 1.3%, while the production sector…
Read More » -
28 March
Shop price inflation grows to 8.9% in March
The British Retail Consortium found that for the first seven days of March annual shop price inflation increased to 8.9% from 8.4% in February. This is above the 3-month average rate of 8.4%, bringing shop price growth to a new high. Meanwhile, non-food inflation accelerated to 5.9% in March, up…
Read More » -
24 March
Consumer confidence rebounds despite looming financial concerns
The UK consumer confidence index has increased ahead of expectations by seven points in February, according to consumer goods data analyst GfK. The index analyses five scores: the personal financial situation over the past and next year, general economic situation over the past and next year, and the major purchase…
Read More » -
24 March
Retail sales rise 1.2% in February
The ONS has reported today (24 March) that retail sales for February have increased by an estimated 1.2%, following a rise of 0.9% in January, despite a fall in sales volumes of 3.5% when compared to the same month last year. In addition, the ONS found that sales volumes fell…
Read More » -
23 March
BoE raises interest rates to 4.25%
The Bank of England (BoE) has announced that interest rates will be raised by 0.25% to 4.25%, the highest rate in almost 15 years, following an unexpected rise in inflation last month. The move marks the 11th consecutive increase from the BoE and follows the jump in inflation to 10.4%…
Read More » -
22 March
Inflation unexpectedly jumps to 10.4% amid rising food prices
The UK inflation rate unexpectedly increased to 10.4% in February driven by increased drink and food prices which reached their highest rate in 45 years, according to the latest figures from the Office for National Statistics (ONS). The rise in the CPI annual rate between January and February 2023 came…
Read More » -
16 March
Retailers welcome budget but ‘missed opportunity’ for rates reform
Retail has welcomed the support for households in the face of the cost of living crisis in the chancellor’s Spring Budget but some have criticised it as a “missed opportunity” for business rates reform. Headline measures announced by the chancellor included an increase in corporation tax to 25% for businesses…
Read More » -
15 March
Spring Budget: Corporation tax to rise to 25%
Corporation tax is set to rise from 19% to 25% for firms with profits over £250,000, as part of a number of measures announced in chancellor Jeremy Hunt’s Spring Budget. To help offset the corporation tax rise, Hunt also announced a provision of £9bn of “full capital expensing” which for…
Read More » -
14 March
Retail jobs at lowest four quarter average in over a decade
The number of retail jobs in the UK was down to its lowest average four quarter level in over a decade, according to ONS Labour Market figures. The four quarter average dropped to 3.05 million retail jobs in December 2022, down from 3.08 million in December 2021. The overall number…
Read More »
