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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Feb- 2022 -3 February
BoE raises interest rates to 0.5%
The Bank of England (BoE) has raised interest rates for the second time in three months to 0.5%, up from 0.25% previously. The BoE Monetary Policy Committee (MPC) confirmed it voted by a majority of 5-4 to increase Bank Rate by 0.25 percentage points, to 0.5%. Interestingly, it revealed those…
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3 February
Energy price cap to rise 54% from April
Retail bosses are braced for a spending squeeze after it was revealed the energy price cap is set to increase by 54% from 1 April amid a “record” increase in global gas prices, in a move that is set to affect approximately 22 million customers. Energy regulator Ofgem announced that…
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Jan- 2022 -24 January
2021 footfall found to be 31% lower than in 2019
Footfall across all UK retail destinations was –31.1% lower than in 2019, but up from -39.1% in 2020, with retail parks continuing to display a “notable resilience” than either high streets or shopping centres in retaining footfall, according to Springboard’s 2021 report. Springboard said that “it was the three month…
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24 January
Retail sales rebound but challenges remain, data finds
The reopening of the economy post-lockdown led to a rebound in sales for FTSE Retailers but warnings have been issued for challenges ahead, according to EY-Parthenon’s latest report. It revealed most retailers experienced a successful Christmas trading period – data from the British Retail Consortium shows that non-food sales in…
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21 January
Signs of footfall return ahead of lifting of Plan B
Increases in footfall are already beginning to be seen after the announcement of the end of Plan B, with footfall on Thursday 20 January up 1.9% on the day previous, and 0.2% on the same day last week, according to the latest figures from Springboard. However, Springboard said that the…
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18 January
Footfall rise shows first signs of return to office
Footfall across UK retail destinations rose by 1.5% last week from the week before, according to Springboard. High streets were responsible for the majority of the rise, where footfall rose by 7.2%, indicating what Springboard said are the “first signs of confidence in returning to the office”. In comparison, footfall…
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18 January
ASOS set to boost UK economy by £3.8bn
Asos’ UK GDP contribution will increase by £2bn to £3.8bn in the next three to four years, with plans to reach £7bn turnover which will reportedly “further boost” the company’s impact in the UK, according to its first Economic Impact report. According to the research, conducted by Oxford Economics, Asos’…
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14 January
UK economy surpassed pre-Covid levels in November
Gross domestic product (GDP) has surpassed its pre-pandemic level for the first time as it grew by 0.9% in November 2021, according to the latest Office for National Statistics (ONS) data. In the latest release, output in consumer-facing services grew by 0.8%, mainly because of a 1.4% increase in retail…
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11 January
Consumer spending rises 12.2% in December
Consumer card spending increased 12.2% in December compared to the same period in 2019, as Brits finished their final preparations for Christmas, according to data from Barclaycard. Barclaycard revealed that spending on essential items grew 13.7%, driven by a 13.9% rise in supermarket shopping, as consumers stocked up on food…
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7 January
Tube strikes threaten West End footfall
A proposed six month strike action across London’s Night Tube is set to bring disruption to businesses across London’s West End in the coming months. Tube union RMT confirmed that strike action would go ahead every weekend on the Night Tube from today (7 January) through to June in an…
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