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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Jan- 2025 -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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2 January
Retail lost close to 13,500 stores in 2024, study finds
Nearly 13,500 shops shut for good in 2024, according to data from the Centre for Retail Research. This is a 28.4% increase on the 10,494 which closed in the calendar year of 2023. More than half of all stores closed, 7,537 in total, were closed through retailers undergoing some form…
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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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