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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Nov- 2024 -7 November
Bank of England cuts interest rates to 4.75%
The Bank of England has cut interest rates for the second time this year, with rates now cut to 4.75%. The bank voted by a majority of 8–1 to reduce Bank Rate by 0.25 percentage points to 4.75%. One member preferred to maintain the previous rate of 5%. It had previously…
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5 November
Retail sales see weak growth in October amid pre-budget uncertainty
Total retail sales in the UK nudged up by only 0.6% in October, compared with a growth of 2.6% in October 2023, as retail was hit by ongoing uncertainty surrounding the autumn budget, the BRC has reported. The BRC also attributed this slowdown to the fact that the October half-term…
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Oct- 2024 -31 October
Budget reaction: Retail warns that higher costs will hamper investment
The retail industry has warned that increased costs following the Autumn Budget may hit businesses hard, with retailers facing higher costs amid new measures that come into place next April, with some warning the sector will face over £2.5bn in new costs in 2025.Yesterday, chancellor Rachel Reeves announced a series…
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30 October
Budget: Increases to employers’ NI and minimum wage
The chancellor Rachel Reeves has increased Employers’ National Insurance contributions in a bid to help raise as much as £40bn in taxes, pledging to also boost long-term growth and “mark an end to short term-ism” as part of Labour’s first budget since it came into power. Employers’ national insurance contributions…
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29 October
BRC calls for chancellor to keep prices low
The BRC has called on the chancellor to keep prices low ahead of the budget as shop price growth hit its lowest rate in over three years. Shop Price deflation was at 0.8% in October, down from deflation of 0.6% in the previous month. This is below the three-month average…
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25 October
UK consumer confidence falters ahead of budget
UK consumer confidence has dropped to -21 in October, according to GfK’s long-running index. The survey revealed that out of the five measures three declined and two rose compared with September’s announcement. The index measuring changes in personal finances during the last year was down one point at -10. Meanwhile,…
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23 October
M&S boss calls tax rises ‘the easy way out’ ahead of budget
M&S CEO Stuart Machin has accused chancellor Rachel Reeves of “taking the easy way out” amid reports she is considering a slew of tax increases in the budget. In an open letter written in The Times, Machin stated that he hoped reports of an increase in employer national insurance contributions…
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18 October
Tech stores help retail sales beat expectations in September
Retail sales volumes are estimated to have risen by 0.3% in September 2024, beating expectations thanks to strong demand in tech stores, according to the latest figures from the ONS. While the increase was lower than the 1.0% experienced in August, analysts had predicted a 0.3% decline for the month.…
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16 October
Inflation falls to lowest rate in over three years
UK inflation fell to 1.7% in September, down from 2.2% in August, marking the lowest rate in over three years.This means inflation is now below the Bank of England’s 2% target, meaning the bank may face pressure to cut interest rates next month. According to the Office for National Statistics,…
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8 October
September retail sales see biggest boost in half a year
UK Total retail sales increased by 2% year on year in September marking the largest increase in over six months, according to the latest BRC-KPMG Retail Sales Monitor. Food sales increased 3.1% year-on-year over the three months to September, against a growth of 7.4% in September 2023. This is below…
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