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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Jul- 2022 -5 July
Over one in five SMEs unable to access external finance, research finds
New research commissioned by Manx Financial Group has revealed that more than one in five (22%) small and medium sized enterprises (SMEs) that reportedly needed external finance over the last couple of years were unable to access it, while over a quarter (27%) have had to stop or pause an…
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1 July
UK SMEs hit by hiring woes despite ‘record’ wage rise
SMEs across the UK are “facing more woes” as they struggle to fill vacancies despite a strong 14.3% increase in year-on-year sales growth and a “record” 5% rise in wages, according to new data from Xero. It found that SMEs are “struggling to compete with big business” when it comes…
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Jun- 2022 -29 June
Shop price inflation hits highest level since 2008
Shop price annual inflation increased to 3.1% in June 2022, up from 2.8% in May, marking the highest rate of inflation since September 2008, according to the British Retail Consortium (BRC). Food inflation also rose to 5.6% in June, up from 4.3% in May. This marks the highest inflation rate…
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27 June
Cost of living crisis could lead to ‘mild recession’, report warns
There is a rising risk of the UK economy falling into a “mild recession” due to the cost of living crisis, according to the latest economic report from KPMG. In its quarterly report, the ‘Big Four’ accounting firm said that the UK economy faces a number of global and domestic…
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27 June
High street footfall plummets amid cost of living strain
High street footfall fell 25% in May against the previous month, according to RSM UK’s analysis of the latest data from Datscha, showing that the biggest month-on-month decreases were seen in Glasgow (down 54%), Newcastle (down 40%) and Brighton (down 39%). Footfall is reportedly still 48% lower than pre-pandemic levels,…
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24 June
Inflation drives disposable income to ‘lowest ever level’
Household discretionary income has fallen -17.2% in May to £41.94 a week (equivalent to £167.76 per month), marking another “record” low and the seventh consecutive month where discretionary income for the average UK household has dropped. According to Asda’s Income Tracker, 20% of households now have ‘negative discretionary income’, meaning…
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24 June
Vodafone launches support hubs as SMEs struggle to ‘stay afloat’
Vodafone has launched two new resources to support SMEs after a new report commissioned by the group highlighted how SMEs are struggling to “stay afloat”. The resources include V-Hub, which offers free expert guidance, and business.connected, which is in partnership with Enterprise Nation, Cisco and Samsung, and is helping 150,000…
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24 June
Retail sales fall as consumers cut household spending
Retail sales volumes fell by 0.5% in May 2022 according to the latest figures from the Office for National Statistics (ONS), as consumers started to cut back on household spendign amid the cost of living crisis. According to the ONS, customers have reportedly begun switching away from purchasing household goods…
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24 June
UK consumer confidence sinks to new record low in June
UK consumer confidence has fallen to the lowest level since records began during the month of June, according to the latest figures from GfK. GfK’s long-running Consumer Confidence Index decreased one point to -41, a new record with four measures down in comparison to the May 20 announcement, with one…
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23 June
Matalan FY revenues surpass £1b
Matalan has revealed its revenues for the 52-week period ending 26 February 2022 reached just over £1bn, up 38% from the £744.1m it achieved during the prior 12 months. It also reported EBITDA post adoption of IFRS16 of £197.8m, compared with £80.5m from the previous year. Also during the period,…
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