Bank of England
This coverage analyses the Bank of Englandโs decisions and policies and their impact on the UK retail sector, focusing on interest rates, inflation, consumer spending, and economic forecasts. Reporting provides context on how monetary policy shapes retail performance, costs, and demand โ offering insight for executives, managers, and professionals making strategic decisions in a shifting economic environment.
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Jul- 2024 -11 JulyEconomy
UK economy beats expectations as GDP jumps 0.4%
UK gross domestic product (GDP) beat expectations in May, increasing 0.4%, as a result of better weather, according to data from the Office for National Statistics (ONS). An unseasonably wet April dented consumer sentiment and hurt construction leading to the slight increase. Construction grew at the fastest rate in almost…
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Jun- 2024 -25 JuneNews
Disposable income for low-earning households hits 3-year high, Asda finds
Disposable income for low-earning households hit a near three-year high in May, following a 12.6% increase year-on-year, Asdaโs income tracker has revealed. Despite this increase, budgets for these families remain under pressure in real terms, as their take home pay was still not enough to cover bills and essential spending,…
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21 JuneNews
Today’s news in brief-21/6/24
UK retail sales saw a notable increase of 2.9% in May 2024, reversing a 1.8% decline in April. According to the Office for National Statistics, sales volumes rose across various sectors, with clothing retailers and furniture stores rebounding after poor weather in April. Over the three months to May 2024,…
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21 JuneEconomy
BoE decision a ‘blow for Gen Z spending’, says RSM UK
The economic impact of high interest rates is set to hit Gen Z spending for the next 12 months, โprolonging the challenge for retailers and hospitality businesses as discretionary spend gets squeezedโ, according to accountancy firm RSM. A survey of 2,000 consumers conducted on behalf of RSM UK shows Gen…
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20 JuneEconomy
BoE holds interest rates for 7th consecutive month
Interest rates have remained unchanged at 5.25% for the seventh consecutive month, the Bank of England has announced.ย The bankโs MPC voted by a majority of 7โ2 to maintain the rate, despite inflation hitting its target and falling to 2% in May.ย UK inflation hit its target for the first time…
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19 JuneNews
Today’s news in brief-19/6/24
UK inflation has hit its target for the first time in almost three years, with consumer price inflation easing to 2% in May, down from 2.3% in April. The Bank of England last reached this target in July 2021. The Office for National Statistics attributes the decline primarily to falling…
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19 JuneEconomy
Inflation hits 2% target for first time in three years
UK inflation has hit its target for the first time in almost three years, as consumer price inflation eased to 2% in the year to May, down from a rise of 2.3% the prior month. The Bank of England last hit the 2% target in July 2021.ย According to the Office…
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May- 2024 -24 MayEconomy
Retail sales slump 2.3% in April amid wet weather
Retail sales fell by 2.3% in volume over April, following a fall of 0.2% in March, as the retail sector was hampered by ongoing wet weather over the period.ย According to the Office for National Statistics (ONS), sales volumes were down across most sectors, with non-food stores particularly โdoing badlyโ as…
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Apr- 2024 -26 AprilEconomy
Consumer confidence hits three-month high in April
Consumer confidence has risen from -21 to -19 in April, marking the first improvement in three months, GfK has reported. As consumer confidence across the UK has come above the -20 forecast, it also marks an improvement on the prior year, when the overall index score stood at -30.ย ย According…
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Mar- 2024 -6 MarchEconomy
Chancellor cuts NI by a further 2p as part of Spring Budget
Chancellor Jeremy Hunt has announced a further 2p cut to National Insurance, falling from 10% to 8% from 6 April, as part of his Spring Budget for โlong-term growthโ. The reduction in National Insurance is expected to save the average worker ยฃ450 a year, or ยฃ350 for those who are…
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