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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May- 2023 -12 May
UK economy shrinks 0.3% in March
Monthly real gross domestic product (GDP) is estimated to have fallen by 0.3% in March 2023, after showing no growth in February 2023, according to the latest figures from the Office for National Statistics (ONS). Looking at the broader picture, the ONS said GDP grew by 0.1% in the three…
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11 May
BoE raises interest rate for 12th time to 4.5%
The Bank of England (BoE) has raised interest rates for the 12th consecutive time to 4.5%, up from 4.25%. The BoE’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by 0.25% in a bid to meet the 2% inflation target. The committee said it…
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Apr- 2023 -24 April
Retail profit warnings fall to lowest level since 2020
UK-listed retailers issued five profit warnings in Q1 2023, marking a decrease from the nine issued in both Q4 2022 and Q1 2022, according to the latest data from EY. Despite representing the sector’s lowest quarterly total since Q4 2020, it said “persistent inflation, high interest rates and tightening consumer…
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21 April
Poor weather sees retail sales fall 0.9% in March
Retail sales in the UK fell 0.9% in March according to latest figures from the Office for National Statistics (ONS). Some of this fall can be attributed to the poor weather in March following a 1.1% rise in February. Furthermore, non-food stores sales volumes fell by 1.3% in March 2023,…
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19 April
Inflation remains above 10% in March
Despite easing slightly, inflation remained above 10% in March thanks to food and drink costs reaching a 45-year high, according to the latest figures from the Office for National Statistics (ONS). The ONS found that the Consumer Prices Index (CPI) rose by 10.1% in the 12 months to March 2023,…
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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…
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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…
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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…
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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…
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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…
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