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- 2025 -13 February
Economy unexpectedly grows by 0.1% in Q4
Britain’s economy unexpectedly grew in the final quarter of 2024, according to new figures from the Office for National Statistics, easing pressure on chancellor Rachel Reeves.Gross domestic product (GDP) rose by 0.1% in the fourth quarter of 2024, after zero growth the previous quarter, beating forecasts of economists and the…
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11 February
Retail sales increase 2.6% despite ‘stormy’ January
UK total retail sales increased by 2.6% year-on-year in January, against a growth of 1.2% in January 2024, as consumer sentiment remained resilient despite stormy weather, according to the latest figures from the BRC-KPMG Retail Sales Monitor. This growth was above the three-month average growth of 1.1% and above the…
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6 February
BoE cuts interest rates to 4.5%
The Bank of England (BoE) has voted to cut interest rates from 4.75% to 4.5%, the lowest level since June 2023, but warned that GDP growth has been “weaker than expected”. At its meeting this week, the bank’s monetary policy committee voted by a majority of 7–2 to reduce the…
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Jan- 2025 -28 January
January sales see shop price deflation hit 0 .7%
January sales helped shop price deflation reach 0.7% in January, above deflation of 1.0% in the previous month, as retailers attempted to attract post-Christmas shoppers, according to the latest figures from the BRC-NilesenIQ Shop Price Index. Shop price annual growth is at its lowest rate since August 2021 as non-food…
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24 January
Consumer confidence drops five points in January
Consumer confidence decreased by five points to -22 in January, GfK’s latest Consumer Confidence Index has revealed. According to the Index, the measure for the general economic situation of the country during the last 12 months is down seven points to -46, which is five points lower than in January…
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17 January
Retail sales unexpectedly fall amid ‘poor’ supermarket sales
Retail sales fell 0.3% in December according to the latest figures from the Office for National Statistics. It follows a 0.1% increase in November, revised down from a previous estimate of a 0.2% rise. Analysts had been expecting sales to rise by 0.4% in the run up to Christmas as…
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16 January
UK economy narrowly returns to growth in November
The UK economy narrowly returned to growth in November as real gross domestic product (GDP) increased 0.1%, largely because of a growth in services. The increase comes after two consecutive months of decline, however, real GDP is estimated to have shown no growth in the three months to November 2024,…
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15 January
NI increase will force retailers to raise prices, BRC warns
The British Retail Consortium (BRC) has warned that the National Insurance Increase, set to come into place this April, will force retailers to put up prices after it found that two thirds of CFOs said they will do so in response to the change. The BRC said its survey of…
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15 January
Inflation unexpectedly falls to 2.5% in December
The rate of Consumer Price Index inflation unexpectedly fell one percentage point to 2.5% in December, dipping for the first time in three months, according to the Office for National Statistics (ONS). It comes as hotel prices fell and tobacco costs eased, which have been credited with helping offset a…
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9 January
BRC warns of 2025 headwinds despite lower Xmas inflation
Consumers benefited from lower inflation for the week to 7 December 2024, according to the latest BRC-Nielsen IQ Shop Price Index, yet the British Retail Consortium anticipates fresh headwinds for the new year. The later timing of Black Friday in 2024 meant that the first week of December included the…
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