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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Dec- 2024 -23 December
UK economy heading for ‘worst of all worlds’, CBI warns
The Confederation of British Industry (CBI) has warned that the UK economy is headed for “the worst of all worlds” as business activity is set to decline at the start of the new year. Private sector firms expect activity to fall in the three months to March (weighted balance of…
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20 December
Retail sales fall short of expectations in November
Retail sales in the UK rose 0.2% in November, behind analysts expectations of 0.5%, according to data from the Office for National Statistics. However, this slight increase is an improvement on the 0.7% decline seen in October. ONS stated growth in supermarkets and other non-food stores was partly offset by…
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19 December
BoE holds interest rates at 4.75%
The Bank of England (BoE) has voted to hold interest rates at 4.75%, following a recent hike in both inflation and wage growth. At its meeting this week, the bank’s monetary policy committee voted by a majority of 6–3 to maintain the current rate. Three members voted to reduce interest rates…
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18 December
Inflation hits eight-month high of 2.6% in November
Inflation has risen for the second month in a row, rising to 2.6% in November, up from 2.3% the previous month, marking the highest level of inflation in eight months. According to the Office for National Statistics, the main drivers behind the rise were fuel and clothing, where prices rose this…
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Nov- 2024 -28 November
Consumer confidence remains weak as Christmas approaches
Consumer confidence remains weak in the run up to Christmas, according to the the British Retail Consortium (BRC)-Opinium Consumer Sentiment Monitor. It comes as the survey found that consumer’s expectations for their personal financial situation improved slightly to -3 in November, up from -4 in October. Meanwhile, their expectations for…
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22 November
UK consumer confidence rises post-budget
UK consumer confidence increased three points to -18 in November, according to GfK’s long-running index. The survey revealed that all measures were up in comparison to last month’s announcement. The index measuring changes in personal finances during the last year was up one point at -9. Meanwhile, the survey revealed…
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20 November
Energy bills push inflation to 2.3% in October
The rising cost of energy has pushed inflation up to 2.3% in October, above consensus forecasts of 2.2%, according to the latest figures from the Office for National Statistics (ONS). The figure is up from the 1.7% posted in September and is also above the desired level of 2% set…
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19 November
Retailers warn National Insurance increase could cause job losses
A number of large retailers have warned that the National Insurance increase could cause inflation and job losses, in a letter sent to chancellor Rachel Reeves. Over 70 businesses including Tesco, Sainsbury’s, Next, Amazon, and Boots have written to Reeves, in a letter organised by the British Retail Consortium. The…
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15 November
UK economy stagnates in three months to September
UK gross domestic product (GDP) is estimated to have stagnated during the third quarter of the year as uncertainty ahead of the budget affected decision making, according to the latest figures from the Office For National Statistics. The ONS found that UK GDP increased by 0.1% in Quarter 3 (July…
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15 November
BRC warns chancellor Budget could cause inflation and job losses
The British Retail Consortium (BRC) has warned that the latest budget could cause inflation and job losses, in a draft letter seen by Sky News. In the draft, the BRC estimated that the National Insurance changes would increase retailers’ tax burden by £2.3bn annually. It also argued that the number…
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