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.
-
Feb- 2023 -24 February
UK consumer confidence rebounds to highest level since April 2022
UK consumer confidence has bounced back in February to its highest level in almost a year, demonstrating consumers’ resiliency in the face of the cost of living issue. According to the report published by Research group GfK, its index of consumer confidence rose by seven points to -38. The index,…
Read More » -
15 February
Inflation falls to 10.1% in January
Inflation slowed for the third consecutive month in January to 10.1%, down from 10.5% in December, but remains close to a near 40-year high. According to the latest figures from the Office for National Statistics (ONS), on a monthly basis, inflation fell by 0.6% in January 2023, compared with a…
Read More » -
10 February
UK narrowly avoids recession as economy flatlines in Q4
The UK economy narrowly avoided recession as the latest figures from the Office for National Statistics (ONS) shows there was no growth in the fourth quarter from Oct to Dec 2022. It comes as monthly estimates show that GDP fell by 0.5% in December 2022, following an unrevised growth of…
Read More » -
8 February
Inflation to add £18.2bn to UK non-food sales
Inflation is set to add around £18.2bn to non-food sales in the UK according to the Ecommerce Delivery Benchmark Report 2023, commissioned by Auctane in partnership with Retail Economics. Sales values are expected to hit £249bn in 2023 with the additional £18.2bn, a 2.6% increase, driven entirely by rising consumer…
Read More » -
7 February
Jan retail sales rise 4.2% but fall YOY
Total retail sales in the UK rose 4.2% in January, a marked drop off when compared with the same period in 2022 when sales rose 11.9%, according to the latest data from the BRC-KPMG retail sales monitor. The 4.2% increase is below the three month rolling average of 5.2% but…
Read More » -
6 February
Trade bodies urge Govt to reform ‘broken’ apprenticeship levy
Four trade bodies within UK retail and hospitality, including the BRC, have called on the government to reform the “broken” apprenticeship levy system, as so far, £3.5bn has reportedly expired before businesses could make use of it. This call on the government comes as businesses were also unable to meet…
Read More » -
2 February
BoE raises interest rates to 4%
The Bank of England (BoE) has announced that interest rates will be raised by 0.5%, bringing the base rate of interest to 4%, the highest level in 14 years. The increase, which is the tenth consecutive increase, was decided after the bank’s Monetary Policy Committee (MPC) voted by a majority…
Read More » -
1 February
Shop price inflation hits record levels
Shop price annual inflation increased to a record high of 8.0% in January up from 7.3% in December, according to data from BRC NielsenIQ shop price index. This figure of 8% is above the three month rolling rate of 7.5%. Food inflation accelerated to 13.8% in January, up from 13.3%…
Read More » -
Jan- 2023 -31 January
Nearly half of FTSE retailers issued profit warnings in 2022
Profit warnings from UK-listed retailers increased by 48% in 2022 as rising costs prompted record levels of warnings, according to EY-Parthenon’s latest Profit Warnings report. The total profit warnings issued in 2022 increased by 50%, from 203 the previous year to 305 this year. The report discovered that over a…
Read More » -
23 January
Consumer confidence improves for first time in 15 months
UK consumer confidence in the final quarter of 2022 improved by half (+0.6) a percentage point, according to the latest Deloitte Consumer Tracker, marking the end of a 15-month period of consecutive decline. Deloitte said overall confidence was boosted by “significant” quarter-on-quarter improvement in sentiment towards levels of debt (+3.8…
Read More »
