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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Mar- 2022 -3 March
Footfall strengthens amid largest monthly rise since June
With a gap of -20.7% from the 2019 level, footfall in February strengthened marginally from January when it was -20.8% below 2019, according to Springboard. This was driven by a month on month increase of +9.1% which was the largest single monthly uplift since June 2021 and nearly three times…
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2 March
UK retail prices rise to highest rate since 2011
Retail price annual inflation accelerated to 1.8% in February, up from 1.5% in January, marking the highest rate of inflation since November 2011, according to the British Retail Consortium (BRC) and NielsenIQ. The BRC said that food inflation remained the “key driver” behind the price rises. Food inflation remained unchanged…
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2 March
Retail is the UK’s fastest growing sector, Companies House data reveals
A total of 119,948 new retail businesses were founded in 2021, with 46,972 of the businesses comprising online e-commerce start-ups and 7,965 new clothes shops, overtaking any other industry. According to research by Yell Business, 16% of all new businesses founded last year were in retail, making it the fastest…
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Feb- 2022 -21 February
Bira welcomes sales rise, but warns ‘all is not well’
The British Independent Retailers Association (Bira) has said it is “pleased to see a rise in retail sales”, but warned retailers against “falling into the trap of thinking all is well”. It was commenting on the recently released figures by the Office for National Statistics (ONS) for the UK retail…
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18 February
Overseas appetite soars for UK retail sector M&A
Overseas interest has created a surge in deal activity in the UK retail sector in 2021, with overseas acquirors presenting 43% of deals across the year, which is reportedly the highest level of activity seen in a decade. According to research from Grant Thornton UK, this is a “significant” increase…
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18 February
End of free Covid tests will harm workers, Union warns
Ending free tests and self-isolation rules, along with no masks, represents a “triple whammy” for Covid safety in stores, according to Usdaw Shoppers Union. It comes after news that government ministers are planning to stop supplies of coronavirus tests to universities in England, in the first case of ending the…
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16 February
Inflation hits 30-year high amid rising cost of living
Inflation rose by 5.5% in the 12 months to January 2022, up from 5.4% in December 2021, marking the highest annual inflation rate since May 1992. According to the Office for National Statistics (ONS), the largest upward contributions to the change in the inflation rate between December 2021 and January…
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15 February
UK labour market sees recovery as unemployment falls to 4.1%
The UK labour market has seen “continuing recovery” as the unemployment rate decreased by 0.2% on the quarter to 4.1%, and employment rates increased by 0.1% in November 2021 to January 2022 to 75.5%. According to the Office for National Statistics (ONS), the ratio of vacancies to every 100 employee…
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11 February
UK GDP rises 7.5% in 2021, largest increase since WW2
The UK economy increased by a “better-than-expected” 7.5% in 2021 to record the “fastest” incline since the Second World War, following the 9.4% contraction in 2020. Data released by the Office for National Statistics (ONS), shows that the UK is on track to be the “fastest growing economy” in the…
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7 February
Consumer confidence falls for second consecutive quarter
The Deloitte Consumer Tracker has revealed UK consumer confidence fell by one percentage point in Q4 2021 to -11%, the second consecutive quarter of decline. Deloitte said the result comes after consumers started to feel the “squeeze of inflation” and pockets were hit with higher household bills. Personal expenditure in…
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