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- 2025 -21 March
London’s store closures return to pre-pandemic levels for first time
Five stores closed each day in Greater London in 2024, with four new stores opening, according to the latest data from PwC – resulting in net closures of one store per day. The bi-annual report using data from Green Street, tracks over 200,000 chain outlets in over 3,500 locations to…
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20 March
BoE holds interest rates at 4.5%
The Bank of England (BoE) has voted to hold interest rates at 4.5%, having cut the rate last month to its lowest level since June 2023. At its meeting ending on 19 March, the bank’s monetary policy committee (MPC) voted by a majority of 8–1 to maintain the rate at…
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20 March
UK consumer confidence improves in March as Gen Z set to spend
UK consumer confidence improved slightly to -35 in March, up from -37 in February, the BRC has revealed. According to the latest BRC-Opinium data, personal spending on retail rose to 0 in March, up from -5 in February. Meanwhile, personal spending overall rose to +11 in March, up from +4…
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20 March
Quarter of a million retail jobs lost in five years, ONS finds
There are now 249,000 fewer retail jobs than there were five years ago, according to the latest data from the ONS. While there were 2.88 million jobs in retail in December 2024, that was only because it is traditionally the high point of the year for the sector due to…
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14 March
UK GDP unexpectedly falls 0.1% in Jan
The UK economy shrank unexpectedly by 0.1% in January as production in the manufacturing sector struggled, according to the latest figures from the Office for National Statistics (ONS). The fall comes after growth of 0.4% in December 2024 and growth of 0.1% in November 2024. Production output decreased by 0.9%…
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11 March
Valentines Day helps retail sales jump 1.1% in February
Total retail sales in the UK increased by 1.1% year-on-year for the four weeks ended 1 March, a similar increase compared with February 2024, as Valentines Day helped boost sales. During the period, food sales increased by 2.3% year-on-year in February, compared with a growth of 5.6% in the same…
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4 March
Shop price inflation remains at 0.7% despite surge in food prices
Shop price inflation remained in deflation at 0.7% in February, after also falling to -0.7% in January, according to data from the British Retail Consortium. However, this comes despite food inflation increasing to 2.1% year on year in February, an increase from the 1.6% rise in January and above the…
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Feb- 2025 -28 February
UK retail sales grow 2.3% in February, BDO reveals
Total retail sales in discretionary spend categories grew by 2.3% in February, compared to a negative base of -1.3% in the same month in 2024, according to BDO’s latest High Street Sales Tracker. The latest report from accountancy and business advisory firm BDO shows that in store sales in lifestyle…
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26 February
Bira ‘cautiously’ backs govt Crime and Policing Bill
The British Independent Retailers Association (Bira) has “cautiously” welcomed the new Crime and Policing Bill but demands more immediate action and concrete funding to address the retail crime crisis affecting British high streets. The bill, which was presented to Parliament on 25 February, contains over 50 measures including stricter penalties…
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26 February
One in 10 part-time retail jobs at risk, BRC says
One in 10 part-time retail jobs, up to 160,000 roles, could be at risk of being lost over the next three years as a result of the rising costs of employment, the BRC has revealed. The retail body has warned of the impact that both the budget and upcoming regulatory…
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