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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Apr- 2022 -5 April
Retail footfall drops 22.9% across UK
Footfall fell by 22.9% compared to 2019 in the non-food sector across the UK, although footfall is up 9.9% compared to the previous month due to “unseasonably warm weather”. According to Ipsos Retail Performance, the retail sector performed the strongest at -14.9% compared to pre-Covid levels, while footfall on the…
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Mar- 2022 -31 March
UK GDP rebounds 1.3% in Q4 FY21
The UK’ gross domestic product (GDP) is estimated to have increased by 1.3% in the fourth quarter (Q4) of 2021 between October to December, meaning UK GDP is now 0.1% below pre-Covid levels. Annual GDP in 2021 is now estimated to have increased by a revised 7.4% compared to the…
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25 March
Retail sales volumes fall 0.3% in February, ONS says
Retail sales volumes fell by 0.3% in February 2022 following a rise of 1.9% in January 2022, according to the latest figures from ONS, with sales volumes at 3.7% above their pre-coronavirus (Covid-19) February 2020 levels. Non-store retailing sales volumes fell by 4.8% over the month following strong growth in…
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24 March
Retail industry responds to ‘underwhelming’ Spring Statement
Both Bira and CBI have expressed disappointment in the chancellor’s Spring Statement, with Bira having declared it is “underwhelmed with the offerings for independent businesses”. In his speech yesterday, Rishi Sunak outlined a series of measures to help combat the rising cost of living in his latest spring statement, including…
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23 March
Spring Statement: Chancellor raises NI threshold to £12,570
The chancellor has outlined a series of measures to help combat the rising cost of living in his latest spring statement, including increasing the national insurance threshold by £3,000. Speaking in parliament today (23 March), Rishi Sunak began his speech by warning it is yet unclear what the impact of…
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17 March
BoE raises interest rates to 0.75%
The Bank of England has raised interest rates back to the pre-pandemic level of 0.75% as it tries to mitigate the effect of the rising costs of living and the impact that the conflict in Ukraine is having on the global economy. The Monetary Policy Committee (MPC) voted with a…
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17 March
Retail insolvencies surge 21% amid supply chain issues
Data recently released by the Insolvency Service has shown that insolvencies amongst retailers businesses have surged in the past year as the UK’s supply chain problems continue to worsen. In the past 12 months, insolvencies of UK retailers have risen 21% from 827 in 2020/21 to 997 in 2021/22. Problems…
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8 March
Retail sales show continued growth in February
Retail sales increased by 6.7% in February, against an increase of 1.0% in February 2021, a new report from BRC and KPMG has revealed. This is ahead of the three-month average growth of 6.5% but worse than the 12-month average growth of 11.3%. On a two-year basis, total retail sales…
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8 March
Consumer spending surges 13.7% in February
Consumer card spending grew year-on-year by 13.7% in February, the highest growth since November 2021, as the economy reopened following the lifting of Plan B restrictions and work-from-home guidance. Data from Barclaycard revealed that spending on essential items rose 12% in February, driven by an 11.2% rise in fuel prices…
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7 March
Retailers record 12th month of consecutive sales growth
The retail sector has recorded its 12th consecutive month of positive trading with total like-for-like sales, combined in-store and online, increasing year-on-year by 49.6% in February from a base of -3.1% when the country was in full lockdown. According to BDO’s High Street Sales Tracker (HSST), total like-for-like sales saw…
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