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.
-
May- 2025 -21 May
Inflation jumps to 3.5% in April
Inflation increased to 3.5% in April, according to the latest figures for the Office for National Statistics (ONS), which it blamed on a “significant increase” in household bills. The 12-month inflation rate for housing and household services was 7.0% in April 2025, up from 5.1% in March. On a monthly…
Read More » -
19 May
Retailers urge Reeves to reinstate VAT-free shopping
Retailers are urging chancellor Rachel Reeves to reinstate tax-free shopping for tourists as US escalating tariffs continue to cause disrupture, The Times has revealed. In a joint letter to the chancellor, seen by The Times, four major trade bodies — the British Retail Consortium, the British Beauty Council, Walpole and…
Read More » -
15 May
UK economy grows by more than expected 0.7% in Q1
The UK economy performed better than expected in the first quarter of the year, with GDP growing by 0.7% between January and March, following a 0.1% rise the prior quarter. This was ahead of analysts’ expectations, who had forecast a growth of 0.6% for the period. According to the Office…
Read More » -
13 May
Late Easter sees retail sales rise 7% in April
UK total retail sales increased by 7% year-on-year in April, against a decline of 4% in April 2024, according to the latest BRC-KPMG retail sales monitor. This was above the three-month average growth of 2.9% and above the 12-month average growth of 1.4%. However, the retail sales monitor clarifies as…
Read More » -
9 May
UK agrees trade deal with US but 10% tariff remains
The UK and the US have reached a “first-of-a-kind” trade agreement, under which the US will slash tariffs on UK carmakers, steelworks and farmers – protecting jobs and providing stability for exporters. According to the trade deal, car export tariffs will reduce from 27.5% to 10% – saving hundreds of…
Read More » -
9 May
UK footfall jumps 7.2% in April
UK footfall increased by 7.2% in April (YoY), up from -5.4% in March, the BRC has revealed. During the four weeks from 6 April to 3 May, footfall increased across all segments – high street by 5.3%, retail parks by 7.5% and shopping centres by 5.6%. Across nations, footfall also…
Read More » -
8 May
BoE cuts interest rates to 4.25%
The Bank of England (BoE) has cut interest rates to 4.25%, down from the previous rate of 4.5%, marking the fourth rate cut since last year’s peak of 5.25%. At its meeting ending on 7 May, the bank’s monetary policy committee (MPC) voted by a majority of 5–4 to reduce…
Read More » -
Apr- 2025 -29 April
Food inflation rises alongside labour costs
Food inflation increased to 0.1% in April, against a decline of -0.4% in March, as prices rose alongside increased labour costs, according to the latest figures from the British Retail Consortium (BRC). It comes as non-food inflation increased to -1.4% year-on-year in April, against a decline of -1.9% in March.…
Read More » -
25 April
UK retail sales rise 0.4% in March
UK retail sales volumes increased by 0.4% in March 2025, following a rise of 0.7% in February 2025, the ONS revealed. According to the latest figures, clothing and outdoor sales were boosted by good weather although supermarket sales fell partly. However, during the month volumes were down by 0.3%, compared…
Read More » -
24 April
Trumps trade war rocks consumer confidence, BRC finds
Consumer expectations in the UK dropped significantly to -48 in April, down from -35 in March, according to the latest BRC-Opinium data. The data was collected days after US president Trump announced worldwide tariffs, between 4 and 7 April. The personal financial situation worsened to -16 in April, down from…
Read More »
