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- 2020 -23 March
FCA asks companies to delay preliminary financial accounts
The Financial Conduct Authority (FCA) has requested companies which were due to issue its preliminary trading updates in the next few days to delay publication, amid the ongoing disruptions caused by the outbreak of the coronavirus. The FCA urged all listed companies to observe a moratorium on the publication of…
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19 March
New bank of England boss promises fresh measures to fight Covid-19
The new Bank of England boss, Andrew Bailey, has promised a fresh set of measures to help fight the economic “emergency” faced due to the coronavirus outbreak. Bailey, who has only been in the position for three days after taking over from former Bank Of England chief Mark Carney, told…
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18 March
Retail welcomes ‘bold move’ from chancellor to support business
The retail industry has welcomed the “bold move” announced by the chancellor yesterday (17 March), which included announcing a 12-month rent holiday for all retail businesses. Last week in his maiden Budget Speech the chancellor, Rishi Sunak, announced a one-year rent holiday for all businesses of a rateable value below…
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13 March
Government to introduce 2% digital services tax
The UK Government has confirmed plans to introduce a new 2% tax on the revenues of online marketplaces which “derive value from UK users”, starting 1 April 2020. The new tax also applies to search engines and social media services, and these businesses will be liable to the tax when…
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11 March
ROUNDUP: Business rates holiday announced by chancellor Sunak
In his maiden budget, the new chancellor, Rishi Sunak, has announced a £30bn fiscal stimulus package to help combat the impact of coronavirus on the British economy including a one-year total suspension of business rates for small retail, leisure and hospitality businesses. Headline measures include: A £12bn plan to provide…
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11 March
Bank of England cuts interest rates to help combat coronavirus impact
The Bank of England has cut UK interest rates back down to the lowest level in history to help mitigate the impact of the coronavirus outbreak on the economy. The governor of the Bank of England, Mark Carney, announced the 50 basis point (0.5 percentage point) reduction, from 0.75% to…
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Feb- 2020 -19 February
Revo calls on Government to ‘make good’ on review of business rates system
Revo, which supports businesses in the retail property and placemaking sector, has called on the UK Government to “make good” on its stated commitment to a fundamental review of the business rates system. The organisation said the review is “crucial” to ensuring that the UK remains “internationally competitive”, particularly after…
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18 February
Consumer confidence reaches record-high in February
The IHS Markit Household Finance Index reached a record-high of 47.6 in February, up from 44.6 last month. IHS Markit, the global information provider which compiles the survey, said it is the highest index reading since the survey began 11 years ago. The firm added that while the figure is…
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11 February
Retailers suffer ‘stuttering start’ to 2020
Retailers saw a slow start to the year as total sales increased by only 0.4% in January, against an increase of 2.2% during the same period last year. According to the latest BRC-KPMG Retail Sales Monitor, this is above both the three-month and 12-month average declines of 0.4% and 0.2%…
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4 February
Retail chief executive turnover reaches seven-year high in 2019
Retail chief executive turnover has reached a seven-year- high, a new study has found. The Korn Ferry’s eighth annual UK Retail CEO tracker reported a 25% increase since 2018, the report also stated that the industry replaced 55 of its CEOs in 2019, up from 44% a year earlier. The…
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