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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Nov- 2022 -18 November
UK consumer confidence rises to -44 in November
The consumer confidence index increased three points in November up to -44, but it still remains close to a historic low according to data from Growth from Knowledge (GFK). The overall index score has been steadily rising since September when it was -49. The score was -47 for October. However,…
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18 November
October sales rise 0.6% but remain behind pre-Covid levels
The Office for National Statistics (ONS) reported that retail sales volumes rose by an estimated 0.6% in October, following a 1.5% drop in September, which the government body supposes was due to the additional bank holiday for the queen’s funeral. However, it is also reported that sales volumes dropped 2.4%…
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18 November
Retail reacts: Gov has taken ‘first step to longer term reform’
The retail industry has welcomed chancellor Jeremy Hunt’s Autumn budget announcement, with the BRC saying it shows “the government has heard the concerns of retail”, despite the CBI adding it believes “businesses will think there’s more to be done on growth”. Jeremy Hunt unveiled his Autumn budget on November 17,…
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17 November
Chancellor freezes tax thresholds in Autumn statement
Chancellor Jeremy Hunt has announced a raft of measures to help “stabilise” the UK economy and reduce inflation, with tax cuts and spending cuts totalling £55bn in the Autumn statement. As part of the new measures, Hunt confirmed that tax as a percentage of GDP will rise by over 1%…
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16 November
Rising energy and food costs push inflation to 11.1%
Inflation has risen to a 41-year high of 11.1% in October, according to data from the Office for National Statistics (ONS). The inflation rate rose from 10.1% in September meaning it is now at its highest point since October 1981. The ONS has attributed this rise to increasing energy and…
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15 November
Unemployment rate rises to 3.6%
The unemployment rate for July to September 2022 increased by 0.2% on the quarter to 3.6, according to the latest statistics from the ONS. The UK employment rate for July to September 2022 was 75.5%, largely unchanged from the previous quarter and 1.1% lower than before the coronavirus pandemic. Over…
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11 November
UK economy contracts 0.2% in Q3
The first signs of the UK entering a recession reared its head in the last quarter as the economy contracted by 0.2% between July and September, according to the latest figures from the Office for National Statistics (ONS). Monthly estimates published today (11 November 2022) found that GDP fell by…
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8 November
Grocery price inflation hits record 14.7%
Four-week grocery price inflation has hit another record high figure at 14.7%, according to Kantar, marking another “record” high and adding a potential extra £682 to annual grocery bills. The news comes as take-home grocery sales increased by 5.2% in the 12 weeks to 30 October 2022, marking the fastest…
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3 November
BoE raises interest rates to 3%
The Bank of England (BoE) has raised the base rate of interest to 3%, an increase of 0.75%, as it warned that the UK is set to face its longest recession since records began. At its meeting ending on 2 November 2022, the Bank’s MPC voted by a majority of…
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Oct- 2022 -21 October
Retail sales fall below pre-pandemic levels
Retail sales volumes fell by 1.4% in September 2022, making them 1.3% below pre-coronavirus (Covid-19) February 2020 levels. According to the latest data from the ONS, while retailers continue to mention the effect of rising prices and the cost of living on sales volumes, they were also affected by the…
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